(CNBC) U.S. stocks closed higher on Friday after the Senate took a step toward achieving tax reform.
An incredible comeback in General Electric shares from a 6 percent deficit to positive also helped lift market benchmarks. Some investors bet the worst is over for the troubled conglomerate which reported abysmal earnings Friday morning and cut its forecast for the year.
The Dow Jones industrial average rose 165.59 points to 23,328.63, reaching intraday and closing records. Boeing and Goldman Sachs both rose about 2 percent to lead advancers. Shares of JPMorgan Chase, meanwhile, hit an all-time high after jumping 1.4 percent.
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The S&P 500 also notched record highs, advancing 0.5 percent to close at 2,575.21 as financials led advancers by rising 1.2 percent.