What Happened in the Stock Market Today

Stocks moved strongly higher Friday on rising expectations that the Republican tax bill will pass. The Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) closed at record highs.

Data source: Yahoo! Finance.

Investors bid up stocks that would benefit the most from lower tax rates. Retailers tend to pay high taxes, and the SPDR S&P Retail ETF (NYSEMKT: XRT) rose 1.5%. The banking sector also outperformed; the SPDR S&P Bank ETF (NYSEMKT: KBE) gained 1.8%.

Source: Fool.com