16.11.201722:44:00UTC+00Wall Street Gains as Dow Jumps, Nasdaq Hits Record Close

U.S. equities advanced on Thursday following solid quarterly results from Wal-Mart and Cisco Systems. Investors were also encouraged by a key vote on tax reform.

The Dow Jones industrial average rose 0.80 percent to 23,458.36, with Wal-Mart and Cisco leading gainers on the 30-stock index. The index climbed over 200 points at session peaks.

The S&P 500 added 0.8 percent to 2,585.64, with consumer staples and information technology among the best-performing sectors. The Nasdaq composite climbed 1.3 percent to 6,793.29, notching intraday and closing records.

Wal-Mart jumped 8.74 percent to notch a record peak of $97.90 after posting quarterly sales that surpassed expectations on hurricane-related purchases and surging online sales. Cisco bounced 6.44 percent as strength in security business supported its earnings. Both the stocks raised the S&P and the Dow.

Utility and energy sectors underperformed.

The CBOE Volatility index, Wall Street's fear gauge, reported its first decline in six days.

Nine of the 11 major S&P indexes were higher, propelled by gains in consumer staples and technology stocks.

Shares of Viacom plunged 5.6 percent after the MTV owner said it expected high single-digit declines in revenue from U.S. cable TV operators and online distributors in the first half of next year.

Best Buy dropped 6.8 percent as quarterly same-stores sales fell short of estimates, pulled down by a late launch of iPhone X.