Dow Jones powers past 24,000 on tax reform prospects

US stock indices opened the fourth session of the week at fresh record highs for Dow Jones, S&P 500, and NASDAQ Composite, led by the financial and tech sectors. 

Markets look forward to the Senate vote on the tax reform bill, while OPEC earlier announced an extension to the global output cur deal by 1.8 million bpd for nine more months until the end of 2018. 

Earlier US data showe personal spending rose 0.3% in October, slowing down sharply from 0.9% in September, revised from 1.0%, while analysts expected a 0.2% rise. 

US personal income rose 0.4% in October, same as September while beating analysts' expectations of a 0.3% rise. 

Similarly, the Core PCE Price Index slowed down to 0.1% in line with expectations from 0.4% in September, while core personal spending steadied at 0.2% m/m, and 1.4% y/y as expected. 

US unemployment claims fell to 238 thousand in the week ending November 25, compared to expectations of 241K, and down from the previous reading of 240K, revised upwards from 239K, while continuing claims rose by 42 thousand to 1.957 million from 1.915 million, compared to expectations of 1.890M. 

Chicago PMI fell to 63.9 in November from 66.2 in October, missing expectations of 62.2, while Federal Reserve Governor Randal Quarles is due to speak about payment systems at the Financial Stability and Fintech Conference, in Washington DC, as Federal Reserve Bank of Dallas President Robert Kaplan is also due to participate in a panel discussion at the Real Estate Council, in Dallas.

As of 04:40 GMT, Standard and Poor's 500 rose 0.38%, or 10.07 points to 2,636.14, while Dow Jones climbed 0.54%, or 129.44 points to 24,070.12. 

Tech-heavy NASDAQ muscled up 0.52%, or 35.10 points to 6,859.08.