The Dow jumped above 24,000 for the first time early Thursday as US equities rallied ahead of an expected tax cut vote in the Senate this week.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 24,070.17, up 0.5 percent.

The broad-based S&P 500 rose 0.5 percent to 2,638.08, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 6,843.02.