US stocks rebound amid tax reform expectations
US stocks ended higher Monday as Wall Street looked into the country's tax reform progress, Xinhua reported.
The Dow Jones Industrial Average rose 72.09 points, or 0.31 percent, to 23,430.33. The S&P 500 was up 3.29 points, or 0.13 percent, to 2,582.14. The Nasdaq Composite Index added 7.92 points, or 0.12 percent, to 6,790.71.
US Treasury Secretary Steven Mnuchin said on Friday that he expected a Republican tax reform bill to be sent to US President Donald Trump by Christmas this year. Some analysts, however, doubted that the reform may not be achieved by year-end.
Market expectations of tax reform have been a positive for US equities this year, as a tax-code overhaul would lower corporate taxes.
US Federal Reserve Chair Janet Yellen was also in focus, as she said Monday that she would step down as Fed governor once her successor swears in.
Yellen's term as Fed chair expires in February, 2018, while her term as Fed governor will end in January, 2024. President Donald Trump earlier this month appointed current Fed Governor Jerome Powell as the next Fed chair.
Overseas, the three-party exploratory talks for the formation of Germany's new government failed late Sunday night after the Free Democratic Party (FDP) pulled out due to unbridgeable differences in immigration and energy.
German Chancellor Angela Merkel is now facing the biggest political crisis since she took office 12 years ago. If the FDP refuses to rejoin the talks, Merkel may have to form a minority coalition or hold a new election.
There is no major economic data due Monday.