Stock Indexes Gain as Tax Plan Advances

Stocks closed higher Friday on Wall Street as Congressional Republicans put the final touches on a tax overhaul plan, the AP reports. The gains more than wiped out the market's losses from the day before and drove indexes to their latest all-time highs. Small-company stocks, which stand to benefit most from lower corporate tax rates, rose more than the rest of the market. Costco Wholesale jumped 3.4% after reporting a strong quarter. Hess rose 2.3% after Reuters said an activist investor plans to push for changes at the energy company.

The Standard & Poor's 500 rose 23 points, or 0.9%, to 2,675. The Dow Jones industrials rose 143 points, or 0.6%, to 24,651. The Nasdaq rose 80 points, or 1.2%, to 6,936.

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