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Wall Street Rallies to Record Highs as Trump Promises Tax Reform Soon

The three major U.S. stock indexes closed at record highs Thursday as President Donald Trump promised tax reform soon. Oil prices rallied and energy and financial shares rose.

The Dow gained 0.58%, closing at a record 20,171. Its previous high was 20,100, set on Jan. 26.

The S&P 500 was up 0.57%, posting a new record close of 2,307. The Nasdaq increased 0.58% to 5,715, a record closing high for the third consecutive day.

"The backdrop of better economic data and better earnings are kind of buoying the market and supporting the levels that we have right now," said Jim Davis, regional investment manager of U.S. Bank's...