US stocks end higher as budget bill spurs optimism

By Ovunc Kutlu

NEW YORK (AA) - U.S. stocks ended at fresh record highs Thursday as investors were upbeat that Congress’s passing of a budget resolution would lead to an overhaul of the tax code.

The Dow jumped 113 points to end at 22,775, closing at an all-time high for the sixth consecutive trading day. The Nasdaq added 50 points to finish at 6,585 -- a record close for the eighth straight trading day.

The S&P rose 14 points to 2,552, ending in positive territory for the eighth trading day in a row -- a first since 2013. The index also finished for the sixth consecutive day at an all-time high, which has not happened since 1997.

The House of Representatives passed a budget resolution Thursday which is seen as a first step in efforts by the administration of President Donald Trump and Republicans toward implementing a new tax reform framework that would overhaul the country’s three-decade-old tax system. The much-anticipated tax reform plan was a cornerstone of Trump's presidential campaign.

The Senate Budget Committee was expected to approve its own budget resolution later Thursday.

Investment banks Goldman Sachs and Citigroup saw their shares rise 2.4 percent and 2.2 percent, respectively. Twitter shares rose 2.8 percent.

After announcing an increase in its subscription fees earlier, shares in streaming and entertainment company Netflix jumped 5.4 percent.