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Wall Street Advanced as Nasdaq Hits Record Peak

U.S. equities climbed, with the Nasdaq finishing at a record high, as more companies reported quarterly results. Treasury Secretary Steven Mnuchin says the administration is finally close to a “major tax reform”.

The Dow Jones industrial average advanced 0.85 percent at 20,578.71, with American Express leading gains while Travelers lagged behind. The S&P 500 was up 0.76 at 2,355.84, as financials led seven sectors up and utilities underperformed. The Nasdaq composite gained 0.92 percent at 5,916.78.

American Express lifted equities higher, up by 5.9 percent, after posting a smaller-than-expected decline in quarterly profit.

CSX Corp rose 5.6 percent and was among those that outperformed on the S&P 500. The railroad posted a higher-than-expected quarterly net profit propelled by growing freight volumes and also said it plans to trim costs and raise profitability.

Philip Morris dropped 3.5 percent to $109.98 and weighed on the S&P the most, after the tobacco maker's first-quarter profit forecast fell short of estimates.

The SPDR S&P Regional Banking ETF (KRE) and the Bank ETF (KBE) climbed over 1.5 percent. Steel stocks were also caught in a bid after President Donald Trump said he told the Commerce Department to focus on an investigation over the effects of foreign steel products on U.S. national security. Shares of U.S. Steel soared over eight percent.
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