Dow jumps to record high after strong GDP data

NEW YORK, Nov. 29 (Xinhua) -- U.S. stocks traded mixed on Wednesday, with the Dow Jones Industrial Average topping record high, as investors cheered on the country's strong economic growth.

At midday, the Dow Jones Industrial Average increased 49.78 points, or 0.21 percent, to 23,886.49. The S&P 500 lost 5.23 points, or 0.20 percent, to 2,621.81. The Nasdaq Composite Index was down 109.37 points, or 1.58 percent, to 6,802.99.

U.S. real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate released by the Commence Department Wednesday.

The U.S. Senate Budget Committee on Tuesday approved the Republican tax bill to overhaul the U.S. tax code, sending it to the Senate floor for a vote later this week.

U.S. equities closed sharply higher on Tuesday, with all three major indices hitting record highs, boosted by hopes the Congress would be able to pass the tax reform plan.

The Republican-led Senate panel approved the legislation with a vote of 12-11, along the party lines. The full Senate could vote on the tax bill as early as Thursday, according to local media.

Meanwhile, investors still digested Jerome Powell's confirmation hearing to become the next Federal Reserve chair.

Powell said on Tuesday that the current regulatory rules on financial institutions are tough enough and he supported easing regulatory burdens on some institutions.

"I think they're tough enough," said Powell in his confirmation hearing at the Senate Banking Committee when answering question whether any regulatory rules on financial institutions should be made tougher.

Shares of major banks continued to rally after Powell's remarks in the early trading on Wednesday. Enditem