Dow Closes Above 24,000 Ahead of Senate Tax Vote

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Spencer Platt/Getty Images, File

The Dow Jones industrial average hit another milestone Thursday, closing above 24,000 for the first time, CNBC reported.

It closed at 331.67-points, with United Technologies leading the way. The S&P 500 also reached an all-time high, advancing 0.8 percent.

The milestones come as the Senate closes in on a vote on a bill that would overhaul the tax code with Sen. John McCain, R-Ariz., becoming a key supporter of the bill. President Donald Trump has promised tax reform, and the stock market has been buoyed by expectations of lower corporate taxes since his election.

But Jack Ablin, chief investment officer at BMO Private Bank, cautioned that lowering corporate taxes "would not be as big a boon to large companies as it would be to small companies."

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