The banking sector helped carry the day Wednesday as investors snapped up shares after Republicans finally unveiled their tax reform plan. The plan cuts the number of individual tax brackets to 3 from 7 while maintaining a corporate tax rate of 20%.
The Dow Jones closed Trading up 0.26%
The Nasdaq rose 1.15%
The S&P climbed 0.41%
Meanwhile, the income thresholds for the brackets have yet to be determined, but the rates were set for 12%, 25% and 35%.
Bank of America had the strongest showing, climbing nearly 3% on heavy volume.
Shares of Amazon got a late afternoon boost after the company unveiled a number of new AI-powered products including a new Amazon Echo home assistant and a new Fire TV device that plays 4K resolution video.
Amazon shares closed trading 1.31% to $950.87.
Nike shares suffered another down day in trading as Wall Street analysts cut forecasts for the company despite the shoe and apparel maker topping analysts' top- and bottom-line expectations for the quarter. Slowing sales growth seemed to shake investor confidence in the brand as competition from Adidas and waning interest in high-end shoes took their toll in the quarter.