TurboTax-maker Intuit On Track For Best Daily Stock Gain In 6 Years After Trump Tax Plan
Shares of Intuit Inc.--the maker of tax-preparation software TurboTax--were on track to post their best one-day rise in about six years in early Thursday trade. Intuit's stock was up nearly 8% putting it on pace for its best daily gain since August 2011, according to FactSet data. The advance for Intuit come on the heels of Wednesday's big reveal of President Donald Trump's simplified tax-code proposal. Shares of tax-preparer H&R Block Inc. were also trading higher. Trump's tax plan would, among other things, cut most itemized tax deductions and reduce the individual tax code to three brackets from seven, in theory making tax-filing significantly simpler. Meanwhile, the broader market was seeing tepid gains, with the S&P 500 index up about 0.1% at 2,389 and the Dow Jones Industrial Average also up about 0.1% at 20,994. Still, the Nasdaq Composite Index hit a fresh intraday record--its second in a row--to trade at 6,043.
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