U.S. stocks finished higher on Thursday after some companies said they would spend the savings stemming from lower corporate taxes on higher wages and new construction.
The Dow Jones industrial average rose 55.64 points to close at 24,782.29. At its session highs, it traded more than 100 points higher.
The S&P 500 gained 0.2 percent to 2,684.57, with financials and energy rising 0.9 percent and 2.1 percent, respectively. Energy is also on track to post its biggest one-week gain in more than a year.
The Nasdaq composite closed just above the flatline at 6,965.36.
NBCUniversal and CNBC parent Comcast, as well as Boeing, AT&T and Wells Fargo, announced higher pay and bonuses for workers. They also announced other spending measures. Comcast, AT&T and Wells Fargo shares climbed, while Boeing's stock slipped.
"These are really big companies that will definitely benefit from a lower tax rate," said Adrian Day, CEO of Adrian Day Asset Management. "There is real hope that the tax cuts will boost the economy, which is what they were intended to do."