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Markets

U.S. stocks gain on tax outlook as Treasuries drop

U.S. stocks posted record highs after John McCain backed the Senate tax bill and the biggest technology stocks rebounded from their worst sell-off in more than a year.

The Dow Jones industrial average climbed past 24,000 after the statement of support from the Arizona Republican as the measure headed for a marathon debate, while the S&P 500 capped its longest monthly winning streak since 2007.

The Dow closed at 24,272.35, up 1.39%, while the S&P 500 was up 0.82% to 2,647.58. Treasuries extended their slide, with the 10-year yield breaking above 2.4%. The euro and pound strengthened as Brexit negotiators moved closer to a divorce agreement.

An up-or-down vote on the Senate's tax bill could happen before the end of this week. While Mr. McCain's support helped bring the measure one step closer to passing, Republican Sen. Susan Collins of Maine said it "would be very difficult" for her to support the proposal in its current form. The party can only afford to lose two of its 52 members to pass the bill without Democratic support. Bob Corker of Tennessee, Jeff Flake of Arizona, James Lankford of Oklahoma and Ron Johnson of Wisconsin are all seen as potential "no" votes.

Data showed U.S. consumer spending settled back in October to a still-decent pace after the biggest increase since 2009, as a post-storm surge in auto sales cooled. Incomes remained robust and inflation showed progress toward the Federal Reserve's goal. Treasuries sank, driving the benchmark 10-year yield to the highest in a month at 2.42%.

Oil posted its longest streak of monthly gains since early 2016 after an OPEC-led coalition of major crude producers followed through on a long-awaited extension of supply cuts.