Wall Street ends at record highs on tax reform prospects

US stock indices closed the last session of the week at fresh record highs for Dow Jones, S&P 500 and NASDAQ Composite, amid market optimism for tax reforms championed by US president Donald Trump and his Republican Party. 

The Senate passed the budget bill for 2018 on Thursday, opening the door for Republicans to pass tax reforms without Democratic support. 

Otherwise, US existing home sales rose 0.7% in September to an annualized 5.39 million units, compared to a 1.7% decline in August to 5.35 million, while analysts expected a 0.9% drop to 5.30M, as the third quarter earnings season continue in earnest for major American banks and corporations. 

White House Spokesman Sarah Huckabee said on Wednesday that President Donald Trump will soon announce his pick for the Federal Reserve Chair, after the current occupant, Janet Yellen, ends his term in February. 

Federal Reserve Chair Janet Yellen will deliver a speech titled "Monetary Policy Since the Financial Crisis" at the Herbert Stein Memorial Lecture, in Washington DC later today, where she's expected to assert the gradual tightening of policy is the most appropriate path as inflation softens and global interest rates fall. 

Dow Jones rose 0.71%, or 165.59 points to 23,328.63, while Standard and Poor's 500 gained 0.51%, or 13.11 points to 2,575.21. NASDAQ Composite climbed 0.36%, or 23.99 points to 6,629.05.  

Gold futures due on December 16 fell 0.60% to $1,282.20 an ounce from the opening of $1,290.00, while the dollar index rose 0.46% to 93.70 from the opening of 93.27. 

Otherwise, US crude futures due on November 15 rose 0.35% to $51.47 a barrel from the opening of $51.29, while Brent crude futures due on December 15 muscled up 1.12% to $57.87 a barrel from the opening of $58.23.