Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Dow Jumps 200 Points on Trump's Steel Comments, Mnuchin's Tax Remarks

by Fred Imbert, CNBC / / Source: CNBC.com
Traders work on the floor of the New York Stock Exchange. REUTERS/Brendan McDermid

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

U.S. stocks rose on Thursday after comments made by President Donald Trump lifted steel stocks, Treasury Secretary Steven Mnuchin said the administration was close to "major tax reform," and companies released quarterly results.

Mnuchin, who this week backed off of his earlier goal of passing tax reform by August, said the White House will unveil a plan "very soon." However, the Trump administration previously set deadlines for releasing its tax plan that it did not meet.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

The Dow Jones Industrial Average rose more than 200 points, with American Express contributing the most gains. The credit-card giant reported better-than-expected first-quarter earnings, buoyed in part by higher spending numbers from card members.

Verizon, another member of the Dow Jones index, missed the mark on both earnings and revenue. The company attributed a 5.1 percent drop in sales to decreased overage revenue, lower postpaid customers in the quarter, and continued promotional activity.

Sentiment on Wall Street was also lifted by a new GOP plan to repeal and replace Obamacare. Trump has said repeatedly his administration would first tackle health care before moving forward with tax reform, a boon for the market since the U.S. election.

"There are just a bunch of little things adding to this rally today," said Jeremy Klein, chief market strategist at FBN Securities.

Investors also looked ahead to the first round of the French presidential election, which is scheduled for Sunday. Uncertainty around the election has grown over the past month after far-left candidate Jean-Luc Melenchon's surprising surge in the polls.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news

Have feedback?

How likely are you to recommend nbcnews.com to a friend or colleague?

0 = Very unlikely
10 = Very likely
Please select answer

Is your feedback about:

Please select answer

Thank you!

Your feedback has been sent out. Please enjoy more of our content.

We appreciate your help making nbcnews.com a better place.