A combination of better-than-expected corporate earnings, solid economic data and renewed optimism that the Republicans' tax reform proposals will proceed underpinned a strong rally on US equity markets - Dow rallied +187-points or +0.82% and the broader S&P500 +0.82% (with consumer staples and information technology the leading sectors). The NASDAQ jumped +1.30% to a fresh record closing high. Republicans were celebrating an important milestone after the House passed legislation to overhaul the US tax code with a 227-to-205 vote. There were 13 dissenting Republican voices and the Senate continues to debate its own separate plan (and it isn't yet clear the chamber will have enough votes to pass it).
