ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Wall Street heads higher as investors eye tax-cut benefits

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Wall Street`s main indexes rose on Thursday on hopes that lower corporate tax rates would allow companies to deploy additional capital on dividends, new projects and wages.

Both houses of Congress approved the tax bill on Wednesday that included slashing corporate tax rate to 21 percent from 35 percent.

A number of companies, including AT&T, Wells Fargo and Boeing, have promised higher pay for workers or more investment in training. Some others have forecast a rise in earnings due to tax cuts.

Investor sentiment also got a boost from data that showed U.S. economy grew at its fastest pace in more than two years in the third quarter.

Gross domestic product expanded at a 3.2 percent annual rate last quarter, the Commerce Department said, and was poised for what could be a modest lift next year from sweeping tax cuts passed by Congress.

Jobless claims increased more than expected last week, but the underlying trend remained consistent with a tightening labor market.

The S&P 500 has risen by about 20 percent this year, its best yearly performance since 2013, and has climbed about 5 percent since mid-November, led by a rally in sectors such as transport and banks that are expected to benefit the most from lower taxes.

At 9:34 a.m. ET (1434 GMT), the Dow Jones Industrial Average was up 72.29 points, or 0.29 percent, at 24,798.94 and the S&P 500 was up 7.2 points, or 0.27 percent, at 2,686.45. The Nasdaq Composite was up 16.80 points, or 0.24 percent, at 6,977.76.

The S&P financial index rose 0.62 percent, gaining the most among the 11 major S&P sectors. Banks are seen as the biggest beneficiaries of the cuts.

Utility sector was the lone decliner, down 1.5 percent.

Wells Fargo gained 1.53 percent, providing the biggest boost to the Dow, and a 1.4 percent jump in Goldman Sachs lifted the Dow.

Accenture jumped 3.7 percent to $157.40 after the consulting and outsourcing services provider reported strong quarterly profit driven by digital and cloud services business.

Nike`s shares edged up 1.4 percent. The company is scheduled to report after market closes.

Bed Bath and Beyond tanked about 13 percent after the company said comparable sales fell 0.3 percent in the third quarter.

Advancing issues outnumbered decliners on the NYSE by 1,714 to 796. On the Nasdaq, 1,569 issues rose and 692 fell.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Thu, Dec 21, 2017
09:20 pm
Reuters
RELATED NEWS
RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll
Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis
Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan? Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan?
Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta
India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla

LATEST NEWS

Anil Singhvi strategy for January 31: Key market triggers, important Nifty50, Nifty Bank levels to track today

Traders' Diary: Buy, sell or hold strategy on ITC, Bajaj Finance, BEL, Granules, United Spirits, 15 other stocks today

Pathaan movie box office collection worldwide: Earth-shattering Shah Rukh Khan-Deepika starrer makes this record in North America

OnePlus Foldable Smartphone Tipped: All you need to know about OnePlus V Fold, OnePlus V Flip

US Stock Market News: Dow, Nasdaq dragged by Apple, Alphabet, other megacap stocks ahead of Fed rate decision this week

Tech Mahindra Q3 results today; IT major's stock holds on to the green amid volatile trade

362 trains cancelled by Indian Railways today, January 31 - Check full list; IRCTC refund rule and ticket cancellation charges

Budget 2023: Some relief expected for individuals on the tax front, says MK Ventures founder Madhusudan Kela

Tech Mahindra Q3 Results: IT major beats analysts' estimates with 5% revenue growth, 80 bps margin expansion

Timing of Hindenburg Research report suspicious: MK Ventures' founder Madhu Kela

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV