Lacklustre earnings reports from Dow Jones industrials General Electric and Citigroup sent stocks nosediving on Wall Street today.

Wall Street extended its New Year’s rally today, as investors interpreting a slowdown in monthly job recruitment as a precursor to the end of the Federal Reserve’s interest rate hikes.

Investors’ anticipation of a tax cut reignited the New Year’s rally on Wall Street today, sending stocks higher and lifting the Dow Jones industrials more than 170 points.