The Dow Jones Industrial Average closed on a record high Tuesday after the Senate Budget Committee approved the GOP’s tax reform bill for a floor vote.
According to Reuters, the Dow closed at 23,836.71, a growth rate of 1.09 percent. Meanwhile, the S&P 500 had its best day since September 11, 2017. The Dow, S&P 500, and Nasdaq composite all closed on record highs.
The Dow’s previous record high was 23,557.23, and hit on November 7, 2017.
The Senate Budget Committee moved on tax reform around 3 PM Tuesday and voted 12-11 to send the bill to the Senate floor. The Dow spiked at around 2 PM and continued to rise until closing, with the exception of small dip around 3:20 PM. Markets were able to overcome news that North Korea had launched a missile into the sea of Japan.
On Monday, the Dow closed just ten points from it’s all-time closing high. Trump’s pick to lead the Federal Reserve, Jerome Powell, said in a statement Monday that “we expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink.”