Stocks Closed at Record Highs

U.S. stocks closed sharply higher on Tuesday, with all three main indexes ending at all-time highs, boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve. The Dow Jones Industrial Average jumped 255.93 points, or 1.09%, to 23,836.71. The S&P 500 rose 25.62 points, or 0.98%, to 2,627.04. The Nasdaq Composite advanced 33.84 points, or 0.49%, to 6,912.36.

Oil prices extended their decline into a second session, with a modest loss Tuesday on the back of uncertainty over what the Organization of the Petroleum Exporting Countries meeting with other major oil producers later this week might actually achieve. January West Texas Intermediate crude fell 12 cents, or 0.2%, to settle at $57.99 a barrel. January Brent finished at $63.61, down 23 cents, or 0.4%.

The Senate Budget Committee sent Republicans’ massive tax-cut bill to the full Senate for a marathon debate and vote as early as Thursday — a major step toward getting a plan enacted by the end of this year.

Consumer confidence surged yet again in November, with the index jumping to 129.5 from 125.9 in October, the Conference Board said Tuesday. That’s the highest reading since November 2000.

Powell testified at a Senate confirmation hearing Tuesday morning, giving investors their first big clue on how he hopes to operate at the Fed. Powell overall presented himself as an extension of the Fed policies set under Yellen and her predecessor Ben Bernanke, confirming market expectations that he offered stability despite the change in Fed leadership.