The daily business briefing: April 26, 2017

Stocks return to record territory, Trump prepares to unveil his tax plan, and more

Donald Trump speaks about tax reform
(Image credit: Getty Images)

1. Stocks gain on optimism over U.S. tax proposal and French vote

World stocks on Wednesday were mixed, with some markets hitting record highs after news of President Trump's promised corporate tax cut lifted U.S. shares on Tuesday. Optimism over the first round in France's presidential election, in which pro-European Union centrist Emmanuel Macron led anti-EU far-right candidate Marine Le Pen, also buoyed markets. "On top of (the French election result) we have had a very decent set of corporate earnings in the U.S. and that helped push the market further along the same direction," said Investec economist Philip Shaw. The Nasdaq Composite broke 6,000 for the first time to close at a record high of 6,036, and the Dow Jones Industrial Average gained 232 points, or 1.1 percent, while the S&P 500 index rose by 0.6 percent, although U.S. futures were broadly unchanged early Wednesday.

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