Tax hype pushes indices into record territory, led by bank stocks.


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Tax hype pushes indices into record territory, led by bank stocks.

December 18, 2017
By Vlad Karpel

After closing at record highs on Friday, all major U.S. indices are seeing broad gains today as GOP lawmakers rally behind their tax overhaul bill.  Previously, Bob Corker of Tennessee and Marco Rubio of Florida were hinting at not voting for the bill. Last week, both got behind the plan and the only uncertainty that remains is with Senator John McCain of Arizona. McCain will likely be missing the vote this week as he undergoes rehabilitation therapy. While the corporate tax cuts will undoubtedly prop up earnings going forward, it is still unknown if we will see significant impacts down the chain- including higher wages or increased hiring rates.  

Bitcoin has another futures contract currently trading on the Chicago Mercantile Exchange, with a debut on Sunday opening above $20,000. BTCF8, a January contract, is down 2% at $18,990 at the time of publication. So far, the opening up of futures trading for the cryptocurrency has failed to enact a short-selling spree which had been predicted by some analysts.

At the time of publication, the DJIA is up 0.75%, or 184.76 points, at 24,836. The S&P 500 is trading at 2,693- up 0.64% from the open. The Nasdaq-100 is up 0.84% at 6,995. CONTINUE......

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