Stocks Ended at Record Highs on Tax-cut Optimism

U.S.stocks closed at record highs on Monday, amid sustained optimism about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage. The Dow Jones Industrial Average rose 140.46 points, or 0.57%, to 24,792.20. The S&P 500 gained 14.35 points, or 0.54%, to 2,690.16. The Nasdaq Composite added 58.18 points, or 0.84%, to 6,994.76.

Oil futures ended slightly lower Monday, failing to hang on to early gains as Nigerian oil workers agreed to suspend a strike. West Texas Intermediate crude for January delivery fell 14 cents, or 0.2%, to end at $57.16 a barrel.

Pfizer Inc (PFE) said on Monday its board had authorized a new $10 billion share repurchase program and raised its quarterly dividend. Pfizer’s share buyback is in addition to the $6.4 billion remaining under its current authorization, the company said. The drugmaker hiked its first-quarter dividend to 34 cents per share from 32 cents.