The S&P 500 and Nasdaq notched their best weekly gains in more than a year on Friday as technology stocks helped lift major indexes to records. With the New Year’s Day holiday falling on a Monday this year, it was the strongest first four trading days to a year in more than a decade for all three major indices, according to Reuters data. For the Dow, it was the strongest start since 2003 and for the Nasdaq and S&P 500 it was the strongest since 2006.
A US tax overhaul last month that includes hefty corporate tax cuts helped to fuel late-year gains and was the first major legislative victory in President Donald Trump’s pro-growth agenda since he took office a year ago.
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