US stocks gain traction after GDP data, tax bill passage
|Major US equity indices opened higher on Thursday, with all the three major indices eyeing a move back to record highs.
Following the passage of a long-awaited sweeping tax overhaul bill, traders seemed in search of a fresh catalyst to continue driving the market higher. Congress on Wednesday provided a final approval of the tax bill, leaving only the US President Donald Trump to sign the bill into law.
Some analysts now seemed concerned if the historic tax bill, which will help the bottom line of a lot of companies, could actually lead to higher demand and boost top-line that the companies want to see.
Meanwhile, today's release of the final US Q3 GDP print, although was revised slightly lower, showed that the economy grew at its fastest pace since Q1 2015 and remained supportive of the early modest gains.
Separately, initial jobless claims jumped more-than-expected but the disappointing data was largely negated by upbeat Philly Fed Manufacturing Index for December.
During the opening hour of trade, the Dow Jones Industrial Average added over 60-points to 24,790 and the broader S&P 500 Index climbed nearly 5-points to 2,684. Meanwhile, tech-heavy Nasdaq Composite Index advanced around 6-points to 6,966.
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