After a moderately bullish session overseas, stocks spiked upward in the US today. It started with positive earnings reports out of American Express and other companies, then got a further boost from reports of a possible deal on replacing Obamacare. More good news came near the close, as Treasury Secretary Mnuchin suggested that a debt ceiling crisis will be averted, and that a major tax plan would be announced soon.
The end result was a solid rally in stock prices, led once again by the NASDAQ Composite, which bettered its previous all-time high. At the close, the NASDAQ was up 54 points at 5,917; the Dow Industrials gained 174 points to finish at 20,579, and the S&P 500 added 18 points to close at 2,356 – all somewhat below their highs of the day.
In Asia, the Nikkei and Shanghai indexes were virtually unchanged, though the Asia Dow was up a respectable 0.47%. Europe’s STOXX 600 ... Log in or subscribe to continue reading.