Stocks limped along today as traders remain concerned that the tax bill might be a bit difficult to get enacted. Indeed, small cap stocks seemed to be the least favored today, but market participants just didn’t seem to be in a buying mood.
By the close, the Dow Jones Industrial Average was up 8 points to finish the day at 23,557. The S&P 500 was down a fraction of a point to close at 2,590. Gold was down $4 to trade at $1,277 per ounce, while oil was down $.13 to trade at $57.22 per barrel WTI.
The Senate version of the tax bill is due to be unveiled on Thursday, but the wrangling has just begun. You know what they say about seeing the sausage get made. It’s not pretty, and the political wrangling over tax reform is not going to be pretty. We’ll watch how or if the markets are affected. Stay tuned.