The S&P closed at a record high and the Dow Jones Industrial Average broke above the 24,000 mark for the first time on Thursday as investors gained confidence that the Republican party’s push for a U.S. tax overhaul would succeed.

Republican Senator John McCain’s decision to back the tax bill provided a new jolt of momentum for the legislation. McCain had helped defeat Republicans’ efforts to repeal Obamacare, and a “yes” vote by him on the tax measure was considered crucial.

He said the tax bill would boost the economy, although it is “far from perfect.”

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