STOCKS CLIMB: Here's what you need to know
Stocks jumped on Wednesday to all-time highs after the release of President Donald Trump's tax reform plan.
All three major US stock indexes closed at their record highs, with the Nasdaq gaining the most of the three.
We've got all of the headlines, but first, the scoreboard:
- Dow: 22,340.71, +56.39, (+0.25%)
- S&P 500: 2,507.04, +10.20, (+0.39%)
- Nasdaq: 6,453.26, +73.10, (+1.15%)
- The outline for the Trump tax plan was released. The nine-page plan pegged the tax rate for corporations at 20%, down from the current 35% federal statutory rate. It also would shift from seven to three individual tax brackets.
- Trump said the 20% corporate tax is now his 'red line.' Trump told reporters that he will not allow the corporate rate to go higher than 20%. The president has promised to cut the rate to 15% since the start of his campaign.
- Amazon introduces a slew of new products. Amazon introduced several new members of the Echo line of products and also integrated the voice assistant Alexa into a slew of goods including BMW cars.
- The US Department of Commerce proposed a tariff of 219.63% for each Bombardier C Series airliner imported into the US. Boeing filed a complaint in April alleging Delta's order for 75 of the Bombardier jets is a result of ultra-low prices subsidized by the Canadian government. This could help boost Boeing's sales to US airlines.
- Morgan Stanley CEO James Gorman says bitcoin is 'more than just a fad.' While speaking at a conference hosted by The Wall Street Journal, Gorman said he thought bitcoin was "certainly more than just a fad." Still, although Gorman sees some potential in the digital coin, he has not invested in it.
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