Wall Street rallies after tax reform announcement

By Ovunc Kutlu

NEW YORK

Wall Street closed Thursday with a rally after the administration's tax reform is announced to come "very soon".

The Dow added 174 points to finish at 20,578 and the S&P rose 17 points to end the day at 2,355.

The Nasdaq increased 53 points to close at 5,916 -- its all-time highest level.

Treasury Secretary Steven Mnuchin said earlier Thursday that the tax reform legislation will come "very soon".

American companies and the financial world have been anxiously waiting for the tax reform, which was promised by President Donald Trump during his campaign for the Oval office.