As of Thursday’s close on Wall Street, the S & P 500 index gained 3.02 points to 2,510.06 units.
Wall Street closed with slight rises on Thursday, with the S & P 500 index registering a record of the rise of McDonald’s and healthcare stocks, while investors remained hopeful that President Donald Trump will advance with his tax reform
McDonald’s shares rose 2.23 percent, posting their biggest daily percentage gain in more than 2 months, after Longbow Research raised the “buy” value note by saying its comparable third-quarter sales outperformed market estimates .
The financial index, which would be one of the main beneficiaries with a tax cut, ended up 0.12% after staying in negative territory for much of the session.
But progress was moderate, with stocks at record highs and high prices. “It seems the market does not want to sell higher, it wants to buy lower,” said Michael Antonelli, managing director of institutional investments at Robert W. Baird in Milwaukee.
US Treasury Secretary Steven Mnuchin said that Trump’s proposal to cut the corporate tax rate to 20 percent was not “negotiable.” The plan, which foresees tax breaks for most citizens, has generated criticism for favoring businesses and the rich and could add billions of dollars to the deficit.
The Dow Jones Industrial Average rose 40.49 points, or 0.18%, to 22,381.20 points, while the S & P 500 index gained 3.02 points, or 0.12%, to 2,510.06 points. The Nasdaq Composite index rose 0.19 points and finished at 6,543.45 units.
A Commerce Department report showed the economy grew slightly faster than previously estimated in the second quarter, but probably slowed in the third quarter due to the impact of hurricanes Harvey and Irma.
AbbVie shares gave the main boost to the S & P, up 4.97%, after the pharmaceutical company announced the global resolution of an intellectual property litigation with Amgen.