(CNBC) — U.S. stocks traded higher on Monday as investor sentiment was boosted by the Senate narrowly passing a major tax bill over the weekend. Shares of companies that stand to benefit the most from lower tax rates, like banks, led the gains.
The Dow Jones industrial average rose 142 points, with Boeing and Walt Disney leading advancers on the 30-stock index. The Dow also hit a record high and briefly traded more than 300 points higher.
The S&P 500 gained 0.3 percent, with financials and telecommunications as the best-performing sectors, rallying 2.1 percent and 1.8 percent, respectively. The index also reached an all-time high.
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