Wall Street closes higher after Trump’s tax framework

By Ovunc Kutlu

NEW YORK

U.S. stocks closed higher Wednesday after President Donald Trump's much-awaited tax reform framework was unveiled.

The plan has a targerted corporate tax rate of 20 percent, from 35 percent, to boost American corporations and the overall economy.

Investors, as a result, have taken a buying position, especially with financial and tech stocks.

Bank of America and Goldman Sachs climbed 2.4 percent and 2.1 percent, respectively.

Google's parent, Alphabet, jumped 2.4 percent, while shares of Amazon up 1.3 percent at the final bell.

The Dow ended its four-day losing streak by adding 56 points to finish the day at 22,340 points.

The S&P rose 10 points to 2,507. The Nasdaq increased 73 points, or more than 1 percent, to 6,453 points.