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Dow could approach 25,000 by year-end, trader says


Traders work on the floor of the New York Stock Exchange (NYSE) at the closing bell, November 30, 2017 in New York City. On Thursday afternoon, the Dow closed at over 24,000 points for the first time in its history.

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Traders work on the floor of the New York Stock Exchange (NYSE) at the closing bell, November 30, 2017 in New York City. On Thursday afternoon, the Dow closed at over 24,000 points for the first time in its history.

The Senate and House are working on reconciling their two tax bills before sending a final version to President Donald Trump. Republicans have said they want the legislation signed before the end of the year.

The promise of tax reform has helped boost stocks, and that has some wondering if the bill’s signing will be a “buy the rumor, sell the fact” event.

Sam Stovall, chief investment strategist at CFRA, told “Closing Bell” that investors will be wondering what the next catalyst will be for earnings.

“With tax cuts probably behind us by the end of the year the focus will go toward infrastructure spending, something again the president had campaigned on,” he said. “That could end up continuing to support optimism.”

Trump is expecting to move forward with his massive infrastructure program next year, with details possibly released before the president’s State of the Union address, an official told CNBC on Thursday.

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