The Globe and Mail reports in its Wednesday edition that the Nasdaq Composite closed above 6,000 for the first time in its history Tuesday. A Reuters dispatch to The Globe reports that profits of S&P 500 companies are estimated to have risen 11.4 per cent in the first quarter, the most since 2011. The Nasdaq hit a record level of 6,036.02, breaching 6,000 for the first time. The index first touched the 5,000 mark in March, 2000, as tech stocks bubbled before tumbling nearly 80 per cent through October, 2002. The S&P 500 touched its day's high after the Wall Street Journal reported President Donald Trump's tax proposal, expected on Wednesday, would include a slash to a tax on many owner-operated companies to 15 per cent from 39.6 per cent. Fort Pitt Capital analyst Kim Forrest says cutting taxes on partnerships and owner-operated businesses would be a strong boost to investing. Tuesday's gains built on a day-earlier rally, which was driven by the victory of centrist candidate Emmanuel Macron in the first round of the French presidential election. About 7.31 billion shares changed hands in U.S. exchanges, above the 6.4 billion daily average over the past 20 sessions.