Record highs on Wall St, driven by tax bill hopes, M&A flurry

Marco Green
December 19, 2017

Wall Street stocks surged to fresh records Monday, and the Nasdaq breached 7,000 points for the first time, as a long-awaited USA tax cut proposal approached final passage.

"The stocks that go up the most are the ones that benefit the most from tax cuts", said John Serrapere, Arrow Funds Director of Research.

Stocks have made hefty gains as the GOP appeared to shore up enough support to pass the tax bill; congressional Republicans are scheduled to start voting on the legislation Tuesday. He expects retail and telecom companies to benefit the most.

On Monday, all three major United States indices finished at all-time highs, as expectations grew that Republicans will succeed in passing the highly-anticipated tax-cut bill in Congress this week.

The Standard & Poor's 500 index jumped 14.35 points, or 0.5 percent, to 2,690.16.

The Nasdaq is up 1,611.64 points, or 29.9 percent.

On Monday, investors were treated to a flood of deals. Hershey rose 0.6 percent.

In other news, Campbell Soup announced it will buy Snyder's-Lance for almost $4.9 billion.

The Dow is up 5,029.60 points, or 25.5 percent. On the Nasdaq, 2,092 issues rose and 806 fell.

Other reports by Click Lancashire

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