STOCKS SKYROCKET AS TAX PLAN PASSES: Here's what you need to know

US stocks soared to their biggest gain in two months as the House passed their version of a plan that would cut taxes for corporations, which many expect to boost the bottom lines for US companies.

The S&P 500 climbed 0.8%, led by consumer staple shares that got a huge boost from Walmart’s earnings report. The Dow Jones Industrial Average increased 0.8%, while the more tech-heavy Nasdaq Composite index surged 1.3%.

First up, the scoreboard:

  • Dow: 23,454.29, +183.01, (+0.79%)
  • S&P 500: 2,585.68, +21.06, (+0.82%)
  • Nasdaq: 6,793.29, +87.08, (+1.30%)
  • US 10-year yield: 2.36%, +0.03
  • WTI crude oil: $US55.15, -0.18, -0.33%

1. Walmart beats and raises guidance as online growth explodes. America’s largest brick-and-mortar retailer said US comparable-store sales rose by 2.7% versus a year ago, making for the 13th straight quarter with positive results.

2. Tesla’s sinking stock has made short sellers almost $US1 billion. After nine months of having their bets annihilated by Tesla’s surging stock price, short sellers are finally making some of that money back.

3. There’s a $US300 billion reason why every automaker should be seriously looking into self-driving trucks. With Tesla set to reveal its first all-electric truck on Thursday, Bernstein says that full automation of the trucking industry could save $US300 billion in labour costs.

4. A recount shows billionaire investor Nelson Peltz won the biggest proxy battle in history. He’ll now have a seat on Procter & Gamble’s board after he was initially reported to have lost the vote by a slim margin.

5. Cisco beats analysts’ expectations and finally sees its way out of an 8-quarter revenue decline streak. The company posted a steady $US12.136 billion in revenue for the first quarter of 2018, compared to the quarter before when it saw $US12.133 billion come in.

ADDITIONALLY:

Barnes and Noble spikes after being approached about going private

Airbnb just bought Accomable, a startup that helps travellers with disabilities find places to stay

The average bitcoin investor doesn’t plan to sell their coins until they hit more than $US190,000

The Senate tax bill could lead to tax increases on people making $US75,000 or less — while the wealthy get a tax cut

The world’s largest sovereign wealth fund wants to dump oil and gas stocks

Silicon Valley has turned into the place it hates the most

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.