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Investors encouraged as House Republicans pass tax plan

Thu, 16 Nov 2017 21:43:15 +0000

JaysonPhotography/iStock/Thinkstock(NEW YORK) -- As the Republican-held House of Representatives passed their version of the party's tax reform bill on Thursday, prompting a late-day rally on Wall Street.

The Dow Jones Industrial Average gained 187.08 on the day, more than earning back Wednesday's losses to finish the session at 23,458.36.

The Nasdaq climbed 87.08 to a close of 6,793.29, while the S&P 500 added 21.02, ended trading at 2,585.64.

Investors were encouraged by the House's passage of a tax plan that would be the largest overhaul of the system in more than 25 years. Supporters of the plan expect it to cut taxes for the middle class, while opponents say the benefits would be skewed towards the wealthy and would add more than $1 trillion to the deficit.

The cost of crude oil fell again, this time by 19 cents. A barrel now sells for $55.14.

The American Automobile Association expected 51 million Americans to travel this Thanksgiving, even more than last year. Nearly 90 percent of those travelers are expected to drive despite higher gas prices.

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