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Wall Street shares end at new records as tax bill progress cheers

US stocks surged to yet more new records at the open on Wall Street

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Wall Street shares shot to new records on Monday
  • US benchmarks close at record highs

  • Wall Street shares higher

  • Campbell Soup/ Snyder's Lance deal

  • US tax bill making progress

US shares finished Monday in the same way they started - higher- and at record highs.

It came as the Republican tax overhaul plan is making its way through Congress.

The Dow Jones Industrial Index added over 140 points to finish at  24,792.

The S&P 500 added over 14 at 2,690, while the Nasdaq added over 58 at 6,994.

The oil price shed 0.26% to stand at US$57.15  a barrel.

In  Canada, the TSX - the biggest index there - added over 90 points to stand at 16,132.

Banks, retailers and small-company stocks, which would see benefits from corporate tax cuts, rose on the day.

Wells Fargo & Co (NYSE:WFC) added 1.75% to stand at US$60.92, while Snyder's-Lance Inc (NASDAQ:LNCE) added an impressive 6.95% on the day to US$50.04  after it agreed to be acquired by Campbell Soup.

 

MID-SESSION

US benchmarks were still higher at mid-session as sentiment was buoyed by Republicans in Congress who appeared to shore up support to pass their tax plan.

The bill, a key plank of President Trump's policy, promises to cut the corporate tax rate, which is highly significant for smaller US focused group, reportedly,  because they pay higher rates than larger, more multi-national firms.

The Dow Jones is up 165 points at 24,815, while the S&P 500 lifted over 17 points at 2,692. The Nasdaq added  over 62 at 6,999.

In Toronto, the TSX added 137 points at 16,178.

In companies, Campbell Soup Company (NYSE:CPB)  shares added 0.54% to US$49.86 as it emerged it  will buy pretzel maker Snyder's-Lance Inc (NASDAQ:LNCE) for US$50 a share, or US$4.87bn.

The deal will give Campbell a group of brands including Snyder's of Hanover, Kettle Brand and Pop Secret.

Snyders- Lance shares gained 6.84% to US$49.99 a share.

 

Akamal Technologies (NASDAQ:AKAM) added almost 14% to US$65.79 on the back of a broker by Credit Suisse.

 

OPEN

The Wall Street wagon just keeps on rolling on with US benchmarks reaching new highs at the open on Monday after a higher close on Friday as the passing of the  US tax reform bill is now in sight.

The Dow Jones added over 191 points at 24,845.  The broader based S&P 500 added over 17 points at  2,693.

The tech heavy Nasdaq index gained almost 53 points at  6,989.

In Toronto, the TSX  is up over 130 points to stand at  16,172.

US crude (West Texas intermediate)  was down 0.05% to US$57.27 a barrel.

In bitcoin news,  analysts are watching to see if the cryptocurrency can  move through to a new record of US$20,000 this week.

Bitcoin futures for delivery next month (January) opened at $20,650 at 6 pm EST on Sunday in Chicago.

On S&P 500 the biggest gainer was Akamai Technologies (NASDAQ:AKAM), which raced over 15% higher at US$66.43 after heavyweight broker Credit Suisse upgraded the company to 'outperform' from 'neutral'.

It also hiked the price target  to US$75 a share from  US$55 previously.

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