Stocks Ended High on Data and Tax Reform Hopes

U.S. stocks closed higher on Thursday as investors reacted to economic data and took cautious hope from Washington’s latest promises for long-awaited details of a tax reform plan. The Dow Jones Industrial Average rose 55.67 points, or 0.25%, to 21,948.10. The S&P 500 gained 14.06 points, or 0.57%, to 2,471.65. The Nasdaq Composite added 60.35 points, or 0.95%, to 6,428.66. For the month, the S&P edged up 0.05% while the Dow gained 0.28 percent and Nasdaq rose 1.27%.

Oil prices rallied as flooding due to now-Tropical Depression Harvey continued to disrupt on refineries along the Gulf Coast. West Texas Intermediate crude oil for October rose $1.27, or 2.8%, to settle at $47.23 a barrel. Brent for the same month added $1.52, or 3%, to $52.38 a barrel.

Treasury Secretary Steven Mnuchin said Thursday the administration has a “very detailed” tax plan ready and “couldn’t be more excited” about its prospects. He said the plan has been presented to members of Congress and will be released to the public by the end of September.