Stocks rose Thursday, Dec. 21, following passage of a $1.5 trillion U.S. tax bill that will slash corporate taxes.
The Dow Jones Industrial Average gained 54.7 points, or 0.22%, on Thursday, the S&P 500 rose 0.32%, and the Nasdaq was up 0.17%. The Dow and S&P 500 were on track for their fifth straight weekly gain.
Banks could be the biggest winners from the tax plan, which now awaits a signature from Donald Trump.
The biggest U.S. banks could see an average 13% increase in earnings per share from a drop in the corporate tax rate to 21%, according to Goldman Sachs. Wells Fargo & Co. (WFC) - Get Report and PNC Financial Group Inc. (PNC) - Get Report may have the biggest gains, Goldman said.
Wells Fargo shares closed 2.5% higher Thursday.
Wells Fargo, Fifth Third Bancorp (FITB) - Get Report and Western Alliance Bancorp (WAL) - Get Report said they would raise the minimum wage for their workers to $15 an hour following passage of the tax bill.
AT&T Inc. (T) - Get Report and Comcast Corp. (CMCSA) - Get Report said Wednesday they would give thousands of U.S. employees bonuses of $1,000 each after the tax bill was approved by the Senate and House.
AT&T shares rose 0.88% while Comcast was up 3.5%.
Boeing Co. (BA) - Get Report slipped 0.94% after The Wall Street Journal reported the aerospace giant has been in takeover talks with Brazilian aircraft maker Embraer (ERJ) - Get Report , which jumped 22% Thursday.
Apple Inc. (AAPL) - Get Report shares rose 0.44% after the world's biggest tech company admitted on Wednesday that that it intentionally slows down iPhones as they get older.
Finish Line Inc. (FINL) reported a third-quarter adjusted loss of 26 cents a share, much narrower than Wall Street's expectations. The company also said same-store sales in the period rose 0.8%; analysts expected a decline of 4.5%. The stock jumped almost 13%.
Shares of Bed Bath & Beyond Inc. (BBBY) - Get Report fell 12% despite the retailer reporting third-quarter earnings ahead of expectations and same-store sales that fell 0.3%, which was narrower than analysts predicted.
In economic news, third-quarter gross domestic product in the U.S. was lowered to 3.2% from its last estimate of 3.3%.
Weekly jobless claims jumped 20,000 to 245,000, rising by the largest amount since early September.
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