UPDATE: Stock-market climb intensifies as House passes budget resolution
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
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U.S. stock-index gains accelerated deeper in to records on Thursday afternoon after the House of Representatives passed a budget resolution on Thursday--a step seen as setting the stage for an overhaul of the tax code.
What are stock benchmarks doing?
The Dow Jones Industrial Average rose 90 points, or 0.4%, to 22,749. The S&P 500 index rose 12 points to 2,549, a rise of about 0.5% with financials and technology sector leading the gains. The Nasdaq Composite Index was up 36 points, or 0.6%, to 6,570. All three indexes traded at or near intraday records.
What could drive markets?
After the House vote (http://www.marketwatch.com/story/house-passes-budget-resolution-in-key-step-for-tax-plan-2017-10-05), the Senate is planning to vote on a budget bill on Thursday, and GOP leaders are planning to write a single measure that will pass both chambers. Republicans are aiming to pass tax cuts through what is known as budget reconciliation, which requires just a simple majority in the Senate. Republicans currently control the Senate with 52 seats.
A persistent uptrend for stocks have been partially underpinned by the hope of tax cuts proposed by President Donald Trump, with a likelihood of the passage of a pro-business tax policy often propelling buying in assets perceived as risky.