Stocks, Greenback Gain as Tax Reform Passes Hurdle: Markets Wrap
- Shares dipped after North Korea fired ballistic missile
- Treasuries steady following soft seven-year note auction
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U.S. stocks rose to records as corporate tax cuts inched closer to reality after passing another hurdle in the Senate. The dollar extended gains and Treasuries traded little changed.
The S&P 500 Index gained the most in more than two months as the Senate budget committee advanced the Republican tax bill. Lenders saw the largest rally since March after Federal Reserve chair nominee Jerome Powell signaled a lighter touch on financial regulations. Shrugging off a ballistic missile launch by North Korea, 10-year Treasury yields fluctuated near 2.33 percent and the dollar rose for a second day.