U.S. stocks open mixed after Senate passing tax bill

NEW YORK, Dec. 4 (Xinhua) -- U.S. stocks opened mixed on Monday on news that the Senate narrowly passed a major tax bill over the weekend.

Shortly after the opening bell, the Dow Jones Industrial Average added 224.17 points, or 0.93 percent, to 24,455.76. The S&P 500 decreased 5.36 points, or 0.20 percent, to 2,642.22. The Nasdaq Composite Index was up 42.48 points, or 0.62 percent, to 6,890.07.

The U.S. Senate on Saturday morning narrowly passed the Republican bill to overhaul the tax code in decades, moving one step closer to the first major legislative victory of the President Donald Trump-led administration and congressional Republicans.

The House of Representatives had passed its own version of tax reform legislation last month, which contained significant differences from the Senate version. Republicans currently plan to convene a conference in the next few weeks to reconcile the House and Senate versions.

Overhauling the tax code is a top priority of Republicans and they are hoping to send the final legislation to President Donald Trump before Christmas.

Analysts said market sentiment was boosted by the prospect of the tax bill and investors will look closely to see progress between the House and Senate's joint bill later this week. Enditem