Dow Jones climbs past 24,000 on tax outlook

New York: US stocks gained after the biggest technology stocks rebounded from their worst selloff in more than a year and John McCain said he decided to back the Senate tax bill.

The Dow Jones Industrial Average extended its climb past 24,000 after the statement of support from the Arizona Republican as the measure headed for a marathon debate, while the S&P 500 was set for its longest monthly winning streak since 2007. The euro and pound strengthened as Brexit negotiators moved closer to a divorce agreement. Treasury yields inched higher, capping the least turbulent month for 10-year notes in almost four decades.

Progress over US tax reform this week had prompted traders to rotate out of tech stocks, the year’s best performers, and switch to firms seen benefiting most from a potential reduction in the corporate tax rate such as banks. An up-ordown vote in the Senate could happen before the end of this week.

In a sign that the bill’s passage isn’t assured, Republican Senator Susan Collins of Maine said it “would be very difficult” to support the measure in its current form.

Data showed US consumer spending settled back in October to a stilldecent pace after the biggest increase since 2009, as a post-storm surge in auto sales cooled. Incomes remained robust and inflation showed progress toward the Federal Reserve’s goal. Oil fluctuated after OPEC was said to agree to extend production cuts. The Stoxx Europe 600 slipped. Earlier, Hong Kong and South Koreanlisted shares tumbled, while Japanese stocks gained. South Korea’s won slid after its central bank said it would keep an accommodative policy stance after raising interest rates for the first time since 2011.