Wall Street stocks surged to fresh records Monday, and the Nasdaq  breached 7,000 points for the first time, as a long-awaited US tax cut proposal approached final passage.

At the closing bell, the tech-rich Nasdaq Composite Index was at 6,996.97, up 0.7 percent but below its session peak of 7,003.89.

The Dow Jones Industrial Average gained 0.6 percent to end at 24,797.51, while the broad-based S&P 500 advanced 0.6 percent to 2,690.63. All three indices added to the records set Friday