US stocks close higher
Nasdaq in new record
Wal-Mart surges 10%
Wall Street shares closed higher and the Nasdaq reached another new record as the bulls seemed to definitely win today's battle.
The tech heavy Nasdaq added 87 points at 6,793, while the S&P 500 added over 21 at 2,585.
The Dow Jones posted a triple digit gain, powering over 187 points higher, at 23,458.
In Toronto, the TSX added over 56 points to 15,935.
It comes as the biggest US overhaul in the tax system for years was passed by the US House of Representatives.
The Republican backed bill passed the vote by 227 to 205.
"The focus now shifts to the Senate that is a step behind, and where the passage of the tax bill is expected to be more challenging," said noted broker Berenberg.
On the Dow Jones, the riser of the day was Wal-Mart Stores (NYSE:WMT), which surged up over 10% to US$99.63 as t posted an earnings beat and proved it is a match for e-commerce titan Amazon.com (NASDAQ:AMZN).
As shares hit record highs, Wall Street suddenly thinks Wal-Mart is 'playing offense' against Amazon https://t.co/Sb4tlRNw3w
— CNBC (@CNBC) 16 November 2017
MID-SESSION
US benchmarks were powering higher at mid-session after a positive close in London and as a 'risk-on' attitude among investors came back.
The Dow Jones is up over 202 points at the time of writing, at 23,475. The S&P 500 is up almost 23 at 2,588.
The tech heavy Nasdaq index is ahead by almost 99 points at 5,805.
US crude though was lower - down 0.18% to US$55.22 a barrel.
Among the big movers was Smart Global Holdings Inc (NASDAQ:SGH) added almost 30% to US$37.27.
The company updated first quarter guidance, raising adjusted EPS (earnings per share) from 79 to 83 cents to 90 cents-93 cents. Sales guidance was raised from between US$225mln and US$240 million to $250 million to $260 million.
On the losing front, Diplomat Pharmacy Inc (NYSE:DPLO) shed almost 23% to US$14.74 after it agreed to buy LDI Integrated Pharmacy Services.
Baird downgraded the shares to 'neutral' from 'outperform'.
READ THE LONDON CLOSE - FTSE 100 closes higher as pound firms; Shire plc top riser
OPEN
As foreseen by futures, Wall Street shares romped higher at the open, with the Dow Jones up over 131 points.
The S&P 500 added over 11 at 2,576, while the tech heavy Nasdaq added over 52 at 6,578.
In Toronto, the TSX added over 34 points at 15,912.
In data, industrial production figures for October jumped 0.9%, the Federal Reserve reported today, which beat forecasts for a 0.6% gain.
The rise underlines the US economic strength and strengthens the case perhaps for the December rate rise.
There also were upward revisions to July, August and September readings.
In stocks, one of the most notable gainers was Netapp Inc (NYSE:NTAP), up over 17% on the S&P 500 to US$53.66 as it reported earnings of 64 cents per share for its second period of fiscal 2018, which marked a 68% increase year-on-year.
Viacom Inc (NASDAQ:VIAB) shares lost over 6% to US$23.12 as quarterly revenues beat estimates, but earnings were a miss.