U.S. equities and stock exchange traded funds continued to push to new heights as strengthening quarterly earnings and a highly anticipated announcement on U.S. tax policy help bolster markets.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were up 0.3% Wednesday.

Later Wednesday, President Donald Trump is anticipated to announce a proposal on corporate tax cuts, which many expect will include a reduced 15% business tax rate, reports Riva Gold for the Wall Street Journal.

“If there is a reduction in corporate taxes of this sort of magnitude, that would be very beneficial for financial markets, it’s a boost to corporate profitability,” Abi Oladimeji, chief investment officer at Thomas Miller Investment, told the WSJ. “But we still need to see actual policy implemented rather than proposed.”

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