The Russell 2000 hit a record in intraday trade on Wednesday as the market eagerly awaited a plan to overhaul corporate taxes set to be revealed by officials of President Donald Trump at 1:30 p.m. Eastern. The Russell 2000 , which tracks small-capitalization stocks, hit a high in intraday trade of 1,424.06, above its closing record of 1,413.64 set March 1, according to FactSet data. Another popular way to invest in the smallest companies in the S&P 500, the S&P Small Cap 600 touched a record of its own, as did the iShares Russell 2000 ETF , which tracks the Russell 2000 closely. The small-cap sector has enjoyed a healthy run ahead of Trump's tax announcement, largely because the president's proposal calls for cutting the tax rate on owner-operated businesses to 15%. However, there are expected to be challenges to the administration's new tax plan because it is likely to add to the U.S. deficit.
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