Investors are betting that President Trump is making progress with his tax plan. Fred Katayama reports.
U.S. markets edged higher Thursday. Healthcare stocks and McDonald's on the vanguard, helping the S&P 500 close at a record high. Investors are betting that President Donald Trump will make progress with his plans to reform taxes. Alger's investment strategist Brad Neuman: SOUNDBITE: BRAD NEUMAN, CLIENT INVESTMENT STRATEGIST, ALGER, (ENGLISH) SAYING: "The issue of the day the past couple of days has really been tax reform. The Administration put out their blueprint for tax reform. And yesterday, you saw things like banks and dollar and small caps get a boost. Today, you're seeing a little bit of a give back there but I think investors are trying to sort out the implications from tax reform." Investors also got positive economic news. The economy grew faster than previously estimated in the second quarter. McDonald's shares making their biggest gain in more than two months. Longbow Research upgraded the world's largest restaurant chain to "buy," citing strong sales. Western Digital shares fell. Japan's Toshiba signed an $18 billion deal to sell its chip business to a group led by rival bidder Bain Capital. Shares of Roku soared on their debut on the Nasdaq. valuing the maker of streaming TV boxes at roughly $1.7 billion. European markets closed modestly higher led by industrial and technology stocks.