U.S. stocks ended higher on Friday amid rising expectation for a tax reform in the country.
The Dow Jones Industrial Average added 165.59 points, or 0.71 percent, to 23,328.63. The S&P 500 gained 13.11 points, or 0.51 percent, to 2,575.21. The Nasdaq Composite Index was up 23.99 points, or 0.36 percent, to 6,629.05.
The U.S. Senate approved a budget of four trillion U.S. dollars on Thursday, taking a crucial step toward Republicans' goal of passing a tax plan this year.
Expectations for corporate tax cuts had increased recently, sending U.S. stocks to record highs, with the Dow breaking the 23,000-threhold for the first time earlier this week.
Traders also kept an eye on the earnings reports on Friday.
General Electric (GE) reported adjusted third-quarter profit of 29 cents per share, missing market estimates of 49 cents per share. The company also cut its full-year outlook. Shares of GE increased 1.06 percent to close at 23.83 U.S. dollars.
According to consulting company Earnings Scout, this earnings season has gotten off to a good start, about 80 percent of companies that have reported beating on the bottom line, while over 70 percent have topped sales estimates.
The Dow Jones Industrial Average added 165.59 points, or 0.71 percent, to 23,328.63. The S&P 500 gained 13.11 points, or 0.51 percent, to 2,575.21. The Nasdaq Composite Index was up 23.99 points, or 0.36 percent, to 6,629.05.
The U.S. Senate approved a budget of four trillion U.S. dollars on Thursday, taking a crucial step toward Republicans' goal of passing a tax plan this year.
Expectations for corporate tax cuts had increased recently, sending U.S. stocks to record highs, with the Dow breaking the 23,000-threhold for the first time earlier this week.
Traders also kept an eye on the earnings reports on Friday.
General Electric (GE) reported adjusted third-quarter profit of 29 cents per share, missing market estimates of 49 cents per share. The company also cut its full-year outlook. Shares of GE increased 1.06 percent to close at 23.83 U.S. dollars.
According to consulting company Earnings Scout, this earnings season has gotten off to a good start, about 80 percent of companies that have reported beating on the bottom line, while over 70 percent have topped sales estimates.
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