Markets surge on passage of Senate tax bill


The markets surged to open sharply higher with the Dow leaping 193 points to 24,424 after the Senate passed its tax overhaul bill. Nasdaq soared 50 points to 6,897.

On the upside

Macy's (NYSE: M) will hire 7,000 additional seasonal workers in response to strong holiday sales.

Bargain hunters lifted shares of Momo (Nasdaq: MOMO).

Infosys (NYSE: INFY) named Salil S. Parekh to the position of chief executive officer. 

On the downside 

CVS (NYSE: CVS) will pay approximately $69 billion in cash and stock to acquire Aetna (NYSE: AET).

Stock News Gazette noted that Advanced Micro Devices (Nasdaq: AMD) insiders executed 16 sell transactions and no buy transactions in the past three months. 

MKM Partners expects Finisar (Nasdaq: FNSR) to report disappointing results for the second quarter.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 15 points to 2,657. Bitcoin soared $164 to $11,314.

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