Wall Street traders are poised for a share price surge leading to US indices hitting record levels as businesses are buoyed by the tax cuts in President Donald Trump’s long-awaited reform bill, which was passed over the weekend.

Shares in US businesses are widely expected to open higher on Monday on the back of plans to slash corporation tax from 35pc to 20pc, bringing America closer in line with European countries.

Jeremy Siegel, a highly respected financial professor who has correctly predicted many previous market milestones, told the US media that the Dow Jones could hit 25,000 in a matter of weeks, if not days, on the back of momentum from the bill.

US stock markets broke records on Thursday last week as the Senate moved closer to approving the sweeping plans, with the Dow Jones opening above the 24,000 level for the first time. The S&P 500 also reached an all-time high on opening.

They are expected to rise even further this week as investors react positively to the $1.5 trillion bill, which also scales back inheritance tax and repeals some key parts of Barack Obama’s health laws. As a result, shares in healthcare companies in particular could climb.

The shares of firms that hold lots of cash overseas are also likely to increase in value, as the bill will allow them to bring the money back into the US at a lower rate.