Tuesday, 13 November, 2018

Wall Street cheers Senate's approval of tax bill

Traders work on the floor of the New York Stock Exchange shortly before the closing bell in New York Wall Street set for a positive open with Dow futures up triple digits, as US tax plan sign-off lifts sentiment
Laurie Berry | 05 December, 2017, 02:39

Some of the early gainers included bank and industrial stocks. The Dow and the S&P 500 pulled back off the record closing highs set in the previous session. The Dow Jones industrial average gained 58 points, or 0.2 percent, to 24,290.

The Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote largely coming down along party lines.

The S&P 500 is up 18 percent in 2017 on strong corporate earnings and solid economic growth, as well as expectations that President Donald Trump and the Republican-controlled Congress would cut taxes and corporate regulation.

"The fact that only half of the rally was reversed on Friday is likely a reflection of the fact that, despite ABC having corrected its earlier inflammatory report, Flynn's admission of guilt raises the prospect of the investigation moving toward President Trump's inner circle", Rabobank said.

With the vote to approve the bill, lawmakers from the Senate and House will need to go to conference to work out differences in the bills passed by the two chambers.

"The Nasdaq was particularly weak today, with some investors questioning the impact a lower corporate tax rate would have on tech companies that already pay low effective tax rates", analysts with KDP Investment Advisors said in a note.

On the USA economic front, the Commerce Department released a report showing a modest decrease in new orders for manufactured goods in the month of October.

Surpreme Court could make sports betting easier to find
In this November 30, 2017, photo, betting slips are seen on a table at the Monmouth Park racetrack in West Long Branch, N.J. In 2014, New Jersey tried a different tactic by repealing laws prohibiting sports gambling at casinos and racetracks.

Aetna shares rose 1.7 percent after drugstore chain operator CVS Health agreed to buy the health insurer for $69 billion in the year's largest corporate acquisition. Economists had expected orders to drop by 0.4%.

Transportation stocks have shown a substantial move to the upside on the day, driving the Dow Jones Transportation Average up by 2.8 percent. If profits do accelerate, it would help allay worries that the stock market, which is still close to record highs, has climbed too far, too quickly. At the same time, technology stocks slumped and gave up a chunk of the gains that have made them the best-performing part of the market by far this year. The index has climbed to its best intraday level in ten years.

Steel, brokerage, and housing stocks also saw notable strength, while weakness among software, semiconductor, and biotechnology stocks contributed to the drop by the tech-heavy Nasdaq.

Some Asia-Pacific stock markets struggled after pockets of selling last week, notably in technology. Japan's Nikkei 225 Index fell by 0.5%, while Hong Kong's Hang Seng Index rose by 0.2%.

Meanwhile, the major European markets have all moved to the upside on the day.

Microsoft (NASDAQ:) down 3.8%, Visa Inc (NYSE:) down 3% and UnitedHealth Group Incorporated (NYSE:) down 2.4%, were among the worst Dow performers of the session. Against the euro, the dollar is valued at $1.1860 compared to last Friday's $1.1896. The Nasdaq composite lost 72 points, or 1 percent, to finish at 6,775.

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