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) and PNC Financial Group Inc. (PNC) may have the biggest gains, Goldman said.
Wells Fargo shares closed 2.5% higher Thursday.
AT&T shares rose 0.88% while Comcast was up 3.5%.
Apple Inc. (AAPL) 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%.
Conagra Brands Inc. (CAG) reported fiscal second-quarter adjusted profit of 55 cents a share, 3 cents above estimates. Shares fell 0.76%.
Shares of Bed Bath & Beyond Inc. (BBBY) 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.
Home Depot Inc. (HD) rose 0.42% after the No. 1 home-improvement retailer said it acquired the Company Store, a home decor online retailer.
Biogen Inc. (BIIB) fell 3.3% after the company announced that an independent data monitoring committee found BAN2401, its Alzheimer's drug, didn't meet the criteria for success.
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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