2017.08.2220:49:00UTC+00Wall Street Gains as Dow Jumps on Tax Reform Hopes

Wall street finished higher on Tuesday, with each of the three major indexes reporting their best one-day percentage gains in more than a week, on renewed hopes of U.S. tax reform.

The Dow Jones industrial average climbed 0.90 percent to 21,899.89, as Boeing contributed the most to the advances. The 30-stock index also reported its largest one-day rise since April.

The S&P 500 was up 0.99 percent to 2,452.51, as information technology led ten sectors higher. The Nasdaq composite outperformed by jumping 1.36 percent to close at 6,297.48.

Shares of Boeing gained 1.7 percent after the company received a government contract for intercontinental ballistic missile system replacements. The stock followed other defense firms higher after U.S. President Donald Trump's speech regarding the Afghanistan war.

Defense stocks climbed after Trump's comments, as the iShares U.S. Aerospace and Defense ETF (ITA) advanced 1.2 percent.

Gains were broad, as almost all of the 11 major S&P sectors reported gains. Technology shares led the advances, higher by 1.5 percent, touching its first gains in four sessions. The S&P materials also soared over one percent, led by increasing commodity and metals prices.