Stocks rallied on Thursday as the possibility of the Senate passing a bill aimed at overhauling the U.S. tax code increased.

The Dow Jones industrial average surged 315 points, breaking above 24,000 for the first time, with Goldman Sachs leading advancers on the 30-stock index.

The S&P 500 reached an all-time high, advancing 0.8 percent, with industrials and financials among the best-performing sectors. L Brands and Kroger were the best-performing stocks in the index.

The Nasdaq composite rose 0.7 percent, rebounding from a 2 percent decline in the previous session. Tech giants like Facebook, Amazon, and Apple all traded higher.