(CNBC) The Dow Jones industrial average closed about 40 points higher Thursday and the small-cap Russell 2000 index hit an all-time high after the release of the GOP's highly anticipated tax reform plan.

The S&P 500 ended about 3 points higher, within 0.1 percent of its record, while the Nasdaq composite closed 0.2 points higher, within 0.4 percent of its record. The Dow transports also edged up to an all-time high.

"The market's just trying to gauge the overall sentiment in the market [on tax reform], how much of that is priced in and what the timing is going to be," said Dan Deming, managing director at KKM Financial.

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