Dow Powers Higher Amid Optimism for Tax Bill Passage - TheStreet

U.S. stocks rose on Friday, Dec. 15, as investors shrugged off worries over a possible stall in U.S. tax reform plans that pushed stocks lower in the previous session.

The Dow Jones Industrial Average jumped 127 points, or 0.6%, and has traded Friday above its record closing high. The index has traded higher for six days out of seven. Leading the Dow higher were Pfizer Inc. (PFE) - Get Report  and Travelers Cos. (TRV) - Get Report

The S&P 500 rose 0.7% and also traded above its record closing high. The Nasdaq was up 0.6%. 

Financial stocks, such as JPMorgan Chase & Co. (JPM) - Get Report , up 1.5%, were putting in a strong performance on Friday.

Markets ended lower on Thursday, Dec. 14, after some GOP lawmakers expressed doubts about the tax reform bill that was negotiated by the House and Senate. Florida Sen. Marco Rubio said he wouldn't vote in favor of the bill next week unless a child tax credit was expanded to millions of lower income families. Utah Sen. Mike Lee said he was undecided about the bill over the same reason. However, Donald Trump predicted that Rubio would vote in favor of the $1.5 trillion tax overhaul, and said Friday that lawmakers could pass the tax bill as early as next week.

The combined tax bill is expected to be released on Friday. 

The Empire State manufacturing index for December fell for a second straight month to 18 from 19.6 in November, while U.S. industrial production in November rose 0.2%, coming in just under estimates.

Gains on Wall Street broke with global markets which were mostly down on Friday. European markets traded mixed, while Asian shares finished the session to the downside.

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Oracle Corp.  (ORCL) - Get Report shares tumbled, falling 4.6%, after the enterprise software company issued guidance about its cloud-computing business that disappointed inventors.

Oracle said total cloud revenue in the second quarter rose 44% to $1.52 billion, missing estimates, and forecast that its total cloud app and service revenue in the third quarter would only rise 21% to 25%, well below a consensus for cloud revenue to rise 42% to $1.69 billion.

Costco Wholesale Corp. (COST) - Get Report shares were up 3.8% after the company posted fiscal first-quarter earnings that beat Wall Street expectations, and said same-store sales in the period jumped 7.9%, and its digital platform grew by more than 41% from a year earlier.

Shares of software company Adobe Systems Inc. (ADBE) - Get Report  turned slightly higher, up 0.2%, after the software maker beat Wall Street's sales and earnings expectations.

CSX Corp. (CSX) - Get Report  fell 7.4% on Friday following an announcement that CEO Hunter Harrison was taking medical leave.

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