US stocks surged to new record highs amid investor expectations that the final version of the GOP tax bill will be released on Friday evening.
The S&P 500 soared 0.8%, while the Dow Jones Industrial Average increased 0.6% and the more tech-heavy Nasdaq 100 index climbed 1%.
First up, the scoreboard:
- Dow: 24,623.27, +114.61, (+0.47%)
- S&P 500: 2,674.94, +22.93, (+0.87%)
- Nasdaq: 6,933.95, +76.47, (+1.12%)
- US 10-year yield: 2.36%, +0.01
- WTI crude oil: $US57.28, +$US0.24, +0.42%
1. JPMorgan’s quant guru says traders are waiting for tax cuts to unleash more stock market gains. Marko Kolanovic, the firm’s global head of quantitative and derivatives strategy, says a successful Republican tax overhaul will give equities a huge shot in the arm in 2018.
2. A photo from the CEO of Goldman Sachs is fuelling Twitter takeover chatter. The company’s stock surged as much as 7.3% on Thursday, closing at its highest level in 14 months, amid speculation that Twitter and Goldman are re-engaging in discussions around a sale to Disney.
3. Oracle tops Wall Street targets – but shares sink more than 4%. The company reported strong quarterly earnings after the closing bell on Thursday afternoon, beating revenue and profit estimates.
4. Bitcoin pops to new all-time high. The red-hot cryptocurrency reached a new record versus the dollar, and has been steadily recovering ground after falling as low as $US13,000 on Sunday.
5. Facebook admits that social media can be bad for you. In a blog post published on Friday, Facebook addressed a “hard question”: “Is spending time on social media bad for us?”