Dow, S&P 500 reach record highs, unemployment claims lowest in 43 years

WASHINGTON- Two of the major stock indexes reached record highs this week and fewer unemployment claims have been filed this month than at any other time in the past 43 years.

The Dow Jones Industrial Average (DJIA) on Thursday closed at 23,163.04 (+0.02%) and the S&P 500 closed at 2,562.10 (+0.03%).

The NASDAQ closed at 6,605.07, which is a 0.29 percent drop from its previous close.

Unemployment claims filed during the first week of October fell by 15,000 from that of the previous month and overall are the lowest since 1974 according the U.S. Bureau of Labor Statistics.

During September the unemployment rate dropped 4.2 percent from that of previous month according to the Bureau.

The glowing numbers come as the Trump Administration and Congressional Republicans are laying the groundwork to implement the most comprehensive tax reform package since the 1986 Graham-Rudman-Hollings Act.

Text of the legislation has yet to be released but President Trump has said that the proposal includes reducing the maximum corporate tax rate from 35 percent to 20 percent and consolidating the existing seven individual income tax brackets into three.

The proposal calls for the elimination of both the estate tax and state and local deductions.

Democrats argue that the tax cuts will disproportionately benefit the wealthy and increase the deficit while Republicans maintain that lowering the corporate tax rate will prevent companies from moving jobs overseas and that overall tax relief will help middle-class families.

This article is republished with permission from Talk Media News