Breaking News
0

Stocks- Nasdaq Slips Down as Tax Hope Lingers

Stock MarketsNov 29, 2017 10:47AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Stocks were mixed on Wednesday.

Investing.com – Wall Street was mixed on Wednesday as investors pin their hopes on the U.S. tax reform bill and technology stocks fell.

The S&P 500 rose two points or 0.09% as of 10:46 AM ET (3:46 PM GMT) while the Dow composite increased 98 points or 0.41%. Tech heavy NASDAQ Composite fell 60 points or 0.87%.

On Tuesday, the Senate Budget Committee approved the Senate's tax plan, bringing it closer to a floor vote. Doubts remain however on whether Congress can pass the bill before the end of the year.

Markets were also bolstered by hints of lighter banking regulation and the increasing likelihood of a December rate hike.

Fed chair nominee Jerome Powell said in his Senate confirmation hearing on Tuesday that a December rate hike likely and he was in favor of lighter bank regulation for smaller banks.

On Wednesday current Fed chair Janet Yellen said at her last Congressional hearing that a strengthening economy warrants continued rate increases.

Pharmaceutical firm Allergan (NYSE:AGN) was among the top performers after the morning bell, rising 4.55% after Morgan Stanley (NYSE:MS) downplayed competition concerns over its key product, Botox. Restaurant chain Chipotle Mexican Grill Inc (NYSE:CMG) increased 4.00% amid news that its co-founder Steve Ells would step down as chief executive, while drugstore chain Rite Aid Corporation (NYSE:RAD) jumped 13.76% after it transferred stores to Walgreens.

Meanwhile technology shares slumped. Amazon.com (NASDAQ:AMZN) was down 1.94% while Apple (NASDAQ:AAPL) slipped 1.70% and Facebook (NASDAQ:FB) decreased 3.71%. Payment processor Square Inc (NYSE:SQ) fell 6.58% and PayPal Holdings Inc (NASDAQ:PYPL) slid 5.27%.

In economic news, third quarter economic growth was the highest in over a year, while pending home sales grew over 3.5% in October. The economic data gives a strong case for rising Fed rates in December and beyond.

Stocks in Europe were mixed. In Germany the DAX surged 82 points or 0.64% while France’s CAC 40 was up 42 points or 0.79% and in London the FTSE 100 decreased 39 points or 0.52%. Meanwhile Spain’s IBEX 35 rose 159 points or 1.57% and the pan-European Euro Stoxx 50 gained 24 points or 0.67%.

In commodities, gold futures fell 0.76% to $1,285.00 a troy ounce while crude oil futures slumped 0.19% to 57.88 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, inched forward 0.02% to 93.22.

Stocks- Nasdaq Slips Down as Tax Hope Lingers
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email