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U.S. stocks rose to all-time highs on Friday as investors awaited the release of a Republican tax bill that would slash corporate taxes.
The Dow Jones industrials hiked 141.23 points to move into noon hour at 24,649.89, an intraday record
The S&P 500 recouped 20.95 points to 2,672.96, and also hit an intraday record, with financials and staples as the best-performing sectors.
The NASDAQ composite index rocketed 58.61 points to 6,915.13, reaching an all-time high.
In corporate news, shares of Hess jumped 4.8% after reports that Elliott Management is pushing for CEO John Hess to step down or for the company to sell all or part of its business.
Meanwhile, Costco shares rose 4.5% after the company reported better-than-expected quarterly earnings and sales.
Equities were on track to post slight weekly gains. The Dow was up 0.7%, and NASDAQ acquired 0.2%, entering Friday's session. The S&P 500 was just a shade higher for the week.
The plan will likely cut the corporate tax rate to 21% from 35%. Expectations of lower corporate taxes have helped boost stocks to record levels this year. Entering Friday's session, the S&P 500 had risen 18.5%.
The bill is expected to be released later on Friday.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.37% from Thursday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices gained 29 cents a barrel to $57.33 U.S.
Gold prices shaved off 20 cents to $1,256.90 U.S. an ounce.
