1st LD: Dow breaks 24,000 milestone for first time ever

NEW YORK, Nov. 30 (Xinhua) -- U.S. stocks opened higher on Thursday, with the Dow Jones Industrial Average breaking above 24,000 points for the first time, as investors were optimistic about the prospects for a tax reform plan.

Shortly after the opening bell, the Dow Jones Industrial Average increased 98.70 points, or 0.41 percent, to 24,039.38. The S&P 500 rose 10.80 points, or 0.41 percent, to 2,636.87. The Nasdaq Composite Index was up 23.98 points, or 0.35 percent, to 6,848.37.

Wall Street awaited a Senate vote on tax reform later Thursday. 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.

U.S. equities have posted solid gains and notched record highs several times since Election Day, partially boosted by expectations of lower corporate taxes. Meanwhile, investors also cheered on the country's strong economic data.

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 strong economic growth is likely to bolster market expectations for another rate hike by the Fed in December.

U.S. Federal Reserve Chair Janet Yellen said Wednesday that it is appropriate for the central bank to continue gradual interest rate hikes on the expectation that the economy and job market would remain strong.

"We continue to expect that gradual increases in the federal funds rate will be appropriate to sustain a healthy labor market and stabilize inflation around the FOMC's (Federal Open Market Committee) 2 percent objective," said Yellen in remarks before the U.S. Congress Joint Economic Committee.

U.S. personal income increased 65.1 billion U.S. dollars, or 0.4 percent in October, according to the Commerce Department Thursday.

In October, U.S. disposable personal income (DPI) increased 66.1 billion dollars, or 0.5 percent, and personal consumption expenditures (PCE) increased 34.4 billion dollars, or 0.3 percent. Enditem