U.S. stocks closed higher on positive economic data and tax reform promise from Treasury Secretary Steven Mnuchin. Elly Park reports.
U.S. stocks extended gains on positive economic data and comments on tax reform from Treasury Secretary Steven Mnuchin. Mnuchin said President Donald Trump has a detailed plan on tax reform and is still on track to execute it by the end of this year. David Miller, chief investment officer at Catalyst Funds: (SOUNDBITE) DAVID MILLER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS (ENGLISH) SAYING: "He did not give details, but he said the plan is detailed, and that's really been the one really big thing that the market has been looking at 'will tax reform really happen?" because, if there a big tax cut for corporations, there would be a pretty big positive for stocks." Data showed consumer spending increased last month. But the core personal consumption expenditures price index showed its smallest year-on-year increase in two years. On the trading floor... UnitedHealth stock got a pop after the company sealed a deal to buy research operations from Advisory Board. It took Gilead, Celgene, and Biogen along for the ride. Dollar General fell after reporting a slide in second-quarter margins. Campbell Soup dipped on a warning of a possible sales drop in fiscal 2018. In Europe, stocks ended the day in the green.