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US markets close higher on tax reform hopes

Markets in US closed higher on Friday on hopes for tax reform with the Dow Jones notching its first weekly gain in last three weeks.

Markets also got a boost from speeches by Federal Reserve Chair Janet Yellen and ECB President Mario Draghi. Yellen said the financial system is safer now than it was in the years surrounding the housing crisis, while Draghi said the global recovery is “firming up.”

The Dow closed 30.27 points higher to end at 21,813.67. The S&P 500 ended 0.17% higher to close at 2,443.05, after energy and telecommunications stocks gained. The Nasdaq composite fell 0.09% to end at 6,265.64.

The Dow pared earlier highs, when it traded over 100 points higher in the wake of Yellen’s  address.

The S&P 500 closed up 0.72% while the Dow added 139.16 points for the week.

Weak inflation data may keep central banks from raising rates this year. Earlier this month, the Commerce Department reported that the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1% in June after a similar gain in May. The core PCE is the Fed’s preferred inflation measur