At this time yesterday, it looked like House Speaker Johnson would have to pull the bill to extend Trump tax cuts but with some major arm twisting late yesterday, it got through by the narrowest of margins.

That’s a good sign that the votes will eventually be there to pass the tax cut and that’s reflected in the strength in the stock market today.

It will still be a long path to write and pass the full bill, and Politico outlines the process today.

The S&P 500 is up 0.6%, the Nasdaq up 0.8% and the Russell 2000 up 1.2%.