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U.S. stocks rose to all-time highs on Friday as expectations of a Republican tax bill passing increased.
The Dow Jones Industrials hiked 143.08 points to 24,651.74 an new closing record
The S&P 500 recouped 23.8 points to 2,675.81, with financials, staples, health care and tech all rising more than 1%.
The NASDAQ composite index rocketed 80.06 points, or 1.2%, to 6,936.58, reaching an all-time high.
The Dow and S&P posted their fourth consecutive weekly gains, while the NASDAQ snapped a two-week slide.
In corporate news, shares of Hess jumped 2.3% 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 3.3% after the company reported better-than-expected quarterly earnings and sales.
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%.
Bob Corker, a Republican senator from Tennessee who originally opposed the bill, said Friday he would vote in favor of the measure.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to Thursday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices gained 27 cents a barrel to $57.31 U.S.
Gold prices gained $1.70 to $1,258.80 U.S. an ounce.
