Ongoing optimism around the progress of the Republicans' tax reform process lifted the benchmark US indices to fresh record highs, with Financial stocks again at the forefront of the gains - Dow surged +332-points or +1.38% and pushing above >24,000 for the first time ever. The broader S&P500 +0.82%, with The technology-centric NASDAQ rose +0.73% but slipped -0.22% in November. Senator John McCain announced that he would support the Senate Republican tax plan, significantly boosting the legislation's chances of passing as it accelerates toward a vote in the chamber. Senator McCain has previously voted against tax cuts under President George W. Bush in 2001 and 2003 and has voted against bills to repeal the Affordable Care Act (or Obamacare). The Senate is debating the bill and is expected to vote on it late Thursday night or Friday. Separately, The New York Times reported that the White House is developing a plan to replace Secretary of State Rex Tillerson. Both the Dow (up +3.03%) and S&P500 (+1.74%) recorded their eighth consecutive month of gains.
