Wall Street rally resumes as Dow jumps nearly 200 points
Investing.com – U.S. stocks closed higher on Tuesday, amid renewed optimism that the Trump administration was making progress on a tax reform.
The Trump administration and key lawmakers had found common ground on how to approach tax reform, according to a Politico report on Tuesday. That sparked a broad based rally in US stocks, as tax reform is seen as a major catalysts for markets.
A surge in technology stocks led charge higher as investors appeared to take advantage of the recent slump in tech stocks which has seen tech-bellwether Amazon.com Inc (NASDAQ:AMZN) drop nearly 10%.
Meanwhile, Financials halted their recent slump as investors looked ahead to key events later this week including speeches by central bankers Mario Draghi and Janet Yellen at a two-day central banking symposium on Thursday.
Investors are likely to parse speeches by both Draghi and Yellen for any clues concerning future monetary policy. Draghi, however, is expected to remain tightlipped on future monetary policy action to avert a bullish reaction in the euro amid the European Central Bank's concerns over the sharp rise in the single currency.
On the corporates earnings front, investors looked ahead to the release of the earnings fromSalesforce.com Inc (NYSE:CRM) expected after U.S. markets close.
The Dow Jones Industrial Average closed lower at 21,889. The S&P 500 closed 0.99% higher while the Nasdaq Composite closed at 6297, up 1.36%.
The biggest losers on Wall Street
The top Dow gainers for the session: Caterpillar Inc (NYSE:CAT) up 2%, Cisco Systems Inc (NASDAQ:CSCO) up 1.9% and Bank of America Corp (NYSE:BAC) up 1.7%
Intel Corporation (NASDAQ:INTC) down 0.8%, Coca-Cola Company (NYSE:KO) down 0.2% and Procter & Gamble Company (NYSE:PG) down 0.1%, were among the worst Dow performers of the session.
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