• The Dow Jones Industrial Average .DJI rose 331.67 points, or 1.39 percent, to 24,272.35, the S&P 500 .SPX gained 21.51 points, or 0.82 percent, to 2,647.58, and the Nasdaq Composite .IXIC added 49.63 points, or 0.73 percent, to 6,873.97.
The S&P closed at a record high and the Dow Jones Industrial Average broke above the 24,000 mark for the first time on Thursday as investors gained confidence that the Republican party’s push for a U.S. tax overhaul would succeed.
• Republican Senator John McCain’s decision to back the tax bill provided a new jolt of momentum for the legislation. McCain had helped defeat Republicans’ efforts to repeal Obamacare, and a “yes” vote by him on the tax measure was considered crucial. He said the tax bill would boost the economy, although it is “far from perfect.”
The Senate was due to begin voting on amendments to the bill later on Thursday, with a final vote late in the evening or early Friday.
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• Asia markets rose in early trade on Friday, after U.S. stocks rallied overnight at the increasing likelihood that the Senate might pass a bill aimed at overhauling the U.S. tax code. The Dow Jones industrial average closed above 24,000 for the first time.
• Japan's Nikkei 225 was up 0.97 percent to 22,945.27, while the Topix index gained 0.72 percent. Across the Korean Strait, the Kospi gained 0.29 percent.
Reference: Reuters, CNBC
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