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Wall Street boost

Reuters
Thursday, November 30, 2017

WALL Street surged to record highs on Tuesday led by sharp gains in bank stocks, and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump's nominee to lead the Federal Reserve.

The S&P financial sector .SPSY soared 2.6 per cent, its biggest daily percentage increase since March 1.

JP Morgan (JPM.N) rose 3.5 per cent and Bank of America (BAC.N) gained 3.9 per cent, while the S&P 500 banks index .SPXBK jumped 3.3 per cent.

Mr Trump's push for a big package of tax cuts moved past a potential obstacle as a Senate panel approved the measure despite lingering concerns from some Republican members.

Wall Street is closely watching progress on the Republicans' tax-reform efforts, with hopes that corporate tax cuts will further fuel the record-setting rally for equities.








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