S&P and Dow cruise to second-straight loss amid building concerns on tax cut delay

Dow Jones fell

The three major indices in the United States finished mixed on Friday session, with the Dow Jones Industrial Average and the S&P 500 clinging to their second consecutive loss while the NASDAQ Composite taking the different route, as investors continue to fret over heightening concerns on the possible delay on the highly anticipated tax reform.

The version of the Senate’s tax reform that was released last Thursday has some remarkable differences compared to the version of the House of Representatives. The corporate tax cut was one of the main promises of President Donald Trump during his campaign, which propelled Wall Street to major gains since the pre-elections.

Investors were hesitant to put their eggs on the stock market as the proposed 20% tax reform may be in jeopardy.

The blue chip index, Dow, closed 0.2% lower, losing more than 45 points at 23 415 while the S&P 500 gave up 4.31 points, or 0.17%, to settle at 2 580, with six of its 11 sectors ending at the bearish territory.

It was the second straight disappointment for both indices as they snapped their seven-day winning streak last Thursday to lose grip of their respective record highs.

Meanwhile, the tech-heavy NASDAQ Composite index was the lone bright spot as it bucked the losing trend with a 0.1% gain, or 5 points, to finish at 6 742, with Nvidia shares leading the charge after rallying almost 6%, on the back of a robust third quarter earnings report.

 

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