Dow Jones average up 143 at 24,651
S&P 500 up 24 at 2,676
Industrial production rose 0.2% in November
US stocks enjoyed a sparkling day, with the three major benchmarks hitting new highs.
Gains were sparked by optimism that the tax reform bill would make a safe passage through the legislature.
At the close, the Dow Jones average was up 143 at 24,651; the S&P 500 was 24 points firmer at 2,676; and the Nasdaq Composite was 80 points to the good at 6,937.
In Canada, the S&P TSX Composite moved up 26 points to 16,042.
Talking of Canada, sportswear maker Under Armour Inc (NYSE:UA) shot up 9.3% to US$13.62 after it announced an official partnership with Team Canada lasting through to the end of 2024.
Mid-session: Longfin soars after swooping for digital currency play
The Dow Jones and S&P are back chasing new highs after yesterday's buffeting.
The Dow Jones was up 147 at 24,655 and the S&P 500 was up 23 at 2,675, recouping all of yesterday's losses.
US bitcoin futures were back in favor, with the January contract up 7.1% at US$18,060.
The hypnotic hold blockchain technology appears to have on investors was demonstrated by the 222% gain racked up by Longfin Corp (NASDAQ:LFIN) after it acquired Ziddu.com, a blockchain-empowered solutions provider that offers microfinance lending against collateralized warehouse receipts in the form of Ziddu coins.
The rise even put the 81% advance of ShiftPixy Inc (NASDAQ:PIXY) in the shade.
The workforce management software outfit pleased the market with its full-year results and fiscal first quarter guidance.
Annual fiscal 2017 gross billings more than doubled to US$126.4 million from US$50.7 million for fiscal year 2016
Net revenue grew 139% to US$20.2 million from US$8.5 million in fiscal year 2016.
The company said it expects gross billings in the current quarter to increase by roughly 20% quarter-on-quarter.
Open: Stocks bounce back
The leading benchmarks clawed back all of yesterday's losses in double-quick time this morning.
The Dow Jones average was up 142 at 24,651 while the S&P 500 was 19 points to the good at 2,671.
Stocks took a pounding yesterday as the tax reform bill ran into a roadblock as Florida Senator Marco Rubio called for the inclusion of a credit for poorer working families in the bill.
The Empire State manufacturing index fell to 18 from 19.6, though it is worth noting that any positive value indicates improving conditions.
Industrial production rose 0.2% in November.
Bitcoin futures powered ahead, with the January contract up 7% to US$17,980.
Pre-market
Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) was wanted in pre-market trade after getting the nod to resume clinical trials for its hæmophilia therapy fitusiran.
The Food and Drug Administration (FDA) had previously ordered the suspension of trials in September after a patient has suffered a “fatal thrombotic event”.
Alnylam is developing fitusiran in conjunction with Sanofi (NYSE:SNY).
“We are pleased with the FDA’s decision to lift the clinical hold, as fitusiran holds the potential to help improve the lives of people living with hemophilia,” said Akin Akinc, vice president and general manager, Fitusiran at Alnylam.
“With the additional risk mitigation measures in place, we look forward to the continued late-stage development of fitusiran and expect to resume dosing around year-end,” he added.
Shares in Alnylam were up 4.7% at US$129.50.
Marathon Petroleum Corp (NYSE:MPC) is to exchange its general partner economic interests in MPLX LP (NYSE:MPLX) for 275m new MPLX shares valued at roughly US$10.1bn.
The exchange simplifies the corporate structure and provides a clear valuation for MPC's GP economic interests in MPLX, Marathon said.
Marathon's shares were unchanged on the news.
Transportation company CSX Corporation (NASDAQ:CSX) moved sharply into reverse after announcing last night that its chief executive officer and president, Hunter Harrison, had taken a medical leave of absence.
The company held a conference call at 7.30 Eastern time to provide further details. Jim Foote will be acting as chief executive officer in Hunter's absence.
The shares were down 10.5% at US$51.33 in pre-market trade.
A more permanent change is taking place at Rigel Pharmaceuticals Inc (NASDAQ:RIGL), where executive vice president and chief financial officer Ryan Maynard has resigned.
The shares were 3.4% higher ahead of the official opening of the market.
Spread betting quotes indicate the Dow Jones will open around 24,600, having slumped 77 points yesterday to 24,509.
The S&P 500, which fell 11 to 2,652 yesterday, is tipped to rise 7 points to 2,659.