Stocks Ended Higher, House Passed Tax Bill

U.S. stocks closed higher on Thursday, after the House passed its version of the tax bill. The Dow Jones Industrial Average gained 187.08 points, or 0.80%, to 23,458.36. The S&P 500 climbed 21.02 points, or 0.82%, to 2,585.64. The Nasdaq Composite jumped 87.08 points, or 1.30%, to 6,793.29.

Oil settled at two-week lows Thursday, extended declines following a surprise climb in U.S. crude supplies. December West Texas Intermediate crude fell by 19 cents, or 0.3%, to settle at $55.14 a barrel. January Brent crude dipped lower by 51 cents, or 0.8%, to $61.36 a barrel.

The Joint Committee on Taxation, Congress’s nonpartisan scorekeeper in tax matters, released its evaluation of the House GOP’s tax bill, which passed the House on Thursday, 227 to 205, with 13 Republicans joining every Democrat to vote against the bill. Broadly, the “Tax Cuts and Jobs Act” delivers quick tax cuts across all income brackets in 2018.