Dow gains steam after record 24K open

The Dow Jones Industrial Average crossed the 24,000 point waterline when the markets opened on Thursday. While this was a new intraday record high for the index, the rally has gained extra impetus as the session has gone on. The hope that tax reform will soon be enacted is a major factor driving markets higher.

The sentiment that tax reform will soon pass increased after Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday said the Senate tax bill will pass late tonight or tomorrow,? while the endorsement of Sen. John McCain (R-Ariz.) was crucial. McCain was instrumental in defeating Republicans? attempt to overturn ObamaCare.

The S&P 500 and the Russell 2000 also hit record highs on Thursday. Many believe that tax reform will add further upside to the U.S. economy. In mid-November, UBS analyst Keith Parker told FOX Business?s Stuart Varney that tax cuts are not yet baked into the market.

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