U.S. stock indices were on track Tuesday to post yet another advance, even after they set multiple records in October.
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The Dow Jones Industrial Average looked set to finish October with a more than 4% monthly advance, the S&P 500 with about a 2% advance and the Nasdaq composite could close up over 3%.
The major stock indices were powered higher during the month by positive earnings results and pro-growth political developments in Washington, including passage of a fiscal 2018 budget in the House. GOP lawmakers are expected to unveil their long-awaited tax reform bill this week.
Business leaders have been vocal in their support for tax reform, and many see the legislation as an essential step to maintain and extend this bull market.
The Dow was set to notch a seven-month winning streak, its longest since April 2012. The S&P is also poised to post its seventh consecutive monthly rise, putting it on pace for its longest winning streak since May 2013, while the Nasdaq could post its fourth consecutive monthly increase.
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As the last trading day of the month comes to a close, there are plenty of market developments to watch as November gets underway. A two-day Federal Reserve meeting starts Tuesday, and investors will be looking for clues into whether the central bank will move as expected to hike interest rates in December. On Thursday, U.S. President Donald Trump will announce his pick for the next Federal Reserve chair, with current Fed Gov. Jerome Powell widely considered the frontrunner to take over for Janet Yellen.
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The rest of the week will be a big one for the tech sector with Tesla (TSLA), Facebook (FB) and Apple (AAPL) all scheduled to release earnings.
