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.

US STOCK investors took a breather yesterday afternoon, pulling back a little to chew over the previous session’s gains and a number of deals and downgrades in telecom and media.

Wall Street revelled in stunning gains again today as the Dow Jones industrials surged more than 250 points, giving the blue chips their first three-day, triple-digit winning streak in 17 months.