U.S. stocks jumped at the opening bell, with the Dow Jones Industrial Average adding 238 points, or 0.98% to reach 24,464 points in the first minutes of trading.
Stocks were boosted by optimism over tax reform after Senate Republicans passed an overhaul of the U.S. tax code early Saturday, which shifted investors’ minds away from political tensions in Washington and sent stocks on a wild ride on Friday.
The Dow industrials could log a new closing record for Monday if the indicated gains come through.
Last Thursday, the Dow posted its biggest one-day gain in a year, surging more than 330 points to close above 24,000 for the first time. It was the fifth 1,000-point milestone for the Dow in 2017, the most ever in a calendar year.
Then, on Friday, the Dow had its most turbulent session of the year, plunging after former national security adviser Michael Flynn pled guilty to lying to the FBI about conversations with a Russian ambassador. An incorrect ABC report said Flynn would testify that President Donald Trump directed him to make contact with Russian officials while he was a candidate contributed to a steep fall in socks. ABC later clarified and corrected the story, which was reported on air.
The Dow’s steep losses were short lived, with stocks paring their losses during the session. The index closed down 40.76 points after falling as much as 350 points during the session.