Sunday, October 22, 2017
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Market Digest Online MONDAY, OCTOBER 23, 2017: U.S. stocks closed higher on Friday after the Senate took a step toward achieving tax reform. An incredible comeback in General Electric shares from a 6 percent deficit to positive also helped lift market benchmarks. Some investors bet the worst is over for the troubled conglomerate which reported abysmal earnings Friday morning and cut its forecast for the year.

The Dow Jones industrial average rose 165.59 points to 23,328.63, reaching intraday and closing records. Boeing and Goldman Sachs both rose about 2 percent to lead advancers. Shares of JPMorgan Chase, meanwhile, hit an all-time high after jumping 1.4 percent. The S&P 500 also notched record highs, advancing 0.5 percent to close at 2,575.21 as financials led advancers by rising 1.2 percent.

PayPal was among the best-performing stocks in the index, rising 5.5 percent after the company reported better-than-expected quarterly results.

The Nasdaq composite gained 0.4 percent to 6,629.05 in a record-setting session. The Dow, S&P and Nasdaq also posted weekly gains of 2 percent, 0.9 percent and 0.35 percent, respectively.

The Republican-led Senate approved a $4 trillion budget measure Thursday by a 51-49 vote. Passing a budget unlocks reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate. Using the tool removes the need for winning Democratic support, which would likely sink a GOP tax measure.

The three major indexes had a banner week, posting record highs. The Dow also broke above 23,000 for the first time ever.

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