FBN: Wall Street Rises on Hopes for Tax Reform

RUSH EXCERPT:

PETALLIDES: "Up almost 200 points, best day in four months for the Dow and what's driving the rally is less focus on everything politics and more on the big picture which is tax reform, fundamentals, earnings, back to what we used to be running up on in the first place. Here are some names that are driving the Dow. You can see they're all technology heavy. Cisco up 2%. Apple, Microsoft, gaining big time. You were mentioning about tax reform. The idea some traders talking about technology companies have so much money overseas that they want to bring home. Also the NASDAQ dropped below the 50 day moving average and looking better today obviously. Taking a look at some other names including Chevron which was on the move. Chevron had good profits in latest number, lower spending. News, chief executive John Watson will step down by next month. Up half of 1%. Designer shoe warehouse, dsw is the correct name. That is 17 1/2% higher. For the first time dsw saw same-store sales rising 0.6%. That is positive. Fewer markdown as and the like. After couple of weeks of selling where the Dow lost 1.9%, people are saying there are better valuations and they can scoop things up a little cheaper than couple weeks ago. Maybe they're doing exactly that as well. Back to you."