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The expected US tax reform supported Wall Street

US tax reform

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The expectations that the Senate is approaching a vote on the US tax reform have shaken Wall Street trade and led to new records. Dow Jones for the first time surpassed the level of 24,000 points and the S&P 500 also recorded a record high. Nasdaq Composite finishes on green territory but can not yet shake off the shock of massive sales of technology companies just a day ago. Today, however, companies such as Facebook, Amazone and Apple have supported the index.
The US Senate on Thursday delayed voting on a US tax reform, as the bill was tripped up by problems with an amendment sought by fiscal hawks to address a large expansion of the federal budget deficit projected to result from the measure. The Senate was debating the legislation late into Thursday, but put off any votes until Friday.
Dow Jones ended the session with a growth of more than 330 points, or 1.39%, to 24,272.35 points. The new record for the index is backed by Goldman Sachs’ performance. The investment bank’s shares rose 2.61% to 247.64 USD per share. Dow Jones recorded growth for 11 consecutive months this year, and this is the most profitable series for the past 22 years.
The broader index S&P 500 rose by 0.82% to 2,647.58 points, while the technology index Nasdaq Composite added 0.73% to 6,873.97 points.
OPEC’s decision to extend oil constraints has led to a rise in the price of oil. The light WTI crude oil rose by 0.2% during the session to 57.40 USD per barrel. The European Brent oil rose by 0.7% to 63.57 USD per barrel.
The gold prices fell by 0.7% to 1,276.70 USD per ounce. However, the precious metal recorded growth for the month within 0.5%.