Dow soars over 300 points ahead of Senate vote on tax reform

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

The Dow Jones Industrial Average rallied 331.67 points, or 1.39 percent, to 24,272.35. The S&P 500 rose 21.51 points, or 0.82 percent, to 2,647.58. The Nasdaq Composite Index was up 49.58 points, or 0.73 percent, to 6,873.97.

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 the Election Day, partially boosted by expectations of lower corporate taxes.

The Russell 2000, which tracks small-cap stocks, also hit a record high on Thursday.

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 on 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, 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