Dow above 24,000 points for 1st time on tax cut advances

New York: The Dow jumped above 24,000 for the first time early Thursday as US equities rallied ahead of an expected tax cut vote in the Senate this week.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 24,026.11, up 0.4 percent.

The broad-based S&P 500 rose 0.4 percent to 2,636.02, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 6,849.11.

US stocks have repeatedly pushed to fresh records in recent weeks as a long-awaited tax cut favored by President Donald Trump has made steady headway in Congress.

The Senate, which has been seen as the more challenging branch of Congress, voted Wednesday to formally launch debate on the bill, a key step in keeping the measure on track to potentially reach Trump`s desk by the end of the year.

On Wednesday, the Nasdaq experienced a broad sell-off, with leading technology shares such as Apple and Amazon slumping in a move seen as part of a rotation of funds to less favored sectors.

But technology shares were back in positive territory on Thursday, although the market was being led by other sectors such as petroleum-linked companies expected to prosper due to higher oil prices from an expected OPEC deal later in the day.

Retailers also continued to show momentum, with Best Buy rising 2.5 percent, Macy`s 3.0 percent and Costco Wholesale 2.7 percent.