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Dow soars after Senate passes tax reform

Dow soars after Senate passes tax reform
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The Dow climbed more than 200 points at the start of trading on Monday morning, the first time traders took the floor since the Senate passed a sweeping tax-reform bill.

The Senate passed legislation early Saturday morning to overhaul the tax code, approving the plan by a 51-49 vote.

The bill would lower tax rates for individuals through 2025 and permanently cut the corporate tax rate from 35 percent to 20 percent. The bill’s tax cuts for individuals are temporary in order to comply with budget rules that the measure can’t add to the deficit after 10 years.

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Republican senators will now move to reconcile their legislation with the House’s proposal, which passed in mid-November.

As of shortly before 10 a.m. Monday, the Dow Jones industrial average sat at 24,742.68, up about 240 points.

The spike Monday morning represented a sharp contrast to the Dow's drop on Friday that followed news that former national security adviser Michael Flynn pleaded guilty to lying to the FBI.

ABC News initially reported that Flynn would testify that Trump told him to contact Russian officials during the campaign. The network later corrected the story to say Trump asked Flynn during the campaign “to find ways to repair relations with Russia and other hot spots,” and directed him to make contact shortly after the election.

Trump on Sunday said people who lost money in the stock market following the report should consider suing ABC News.