RECORD DAY – Dow Closes At Another Record High, Continues To Inch Closer To 25,000

By  //  December 18, 2017

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Dow Jones Industrial Average rose 140.46 points

ABOVE VIDEO: Dow inching toward 25,000.

(FOX BUSINESS) – Wall Street hit record closing highs on Monday as optimism increased about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage.

The Nasdaq surpassed the 7,000-point mark during the session but closed below that level.

The Republican-controlled U.S. Congress is expected to begin voting on sweeping tax legislation on Tuesday, aiming to get the bill to President Donald Trump to sign into law by the end of the week. Republican U.S. Senator Susan Collins said she would vote for the sweeping overhaul, all but ensuring its passage.

“This Congress has shown an inability to pass anything over the past five years,” said Michael O‘Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. “If a major piece of legislation is passed, you’d expect the markets to be happy.”

U.S. stocks have enjoyed a near year-long rally, with the benchmark S&P 500 and the blue-chip Dow Jones Industrial Average set for their best year since 2013.

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