News that the Republican-controlled Senate voted by 51-to-49 late on Thursday to approve a budget plan for the 2018 fiscal year and thus clearing a key hurdle for tax reform lifted benchmark US indices to fresh record highs - Dow rallied +166-points or +0.71% (with Boeing up +2.20% and Goldman Sachs +1.98% leading the advancers, while JP Morgan Chase & Co rose +1.43% to an all-time high). The broader S&P500 +0.51% to secure its 10th record close in the 15 trading days since the start of October, with Financials leading sector gains. The NASDAQ +0.36%. The budget legislation also contains a reconciliation clause that would allow Republicans to push tax reform legislation through the Senate with a simple majority, instead of the traditionally required 60% majority. Friday's session capped another banner week for the benchmark US indices, with the Dow up +2% (and topping >23,000 for the first time), S&P500 +0.86% and the Nasdaq +0.35%. US equity markets notched their sixth consecutive weekly advance in a week when financial markets also recognised the 30th anniversary of Black Monday, when the Dow and S&P fell -% and -% respectively in a single day.
