Stocks Tumble On Tax Bill Concerns

Friends

We had a bit of a roller coaster ride for stocks today. Markets were weak at the open, and then news of the Senate proposed tax bill delaying the corporate tax cut until 2019 sent stocks tumbling. The day’s lows saw the Dow down more than 250 points, but as we have seen all year, stocks found some support and were able to lessen the damage by the close of trading.

 

For the day, the Dow Jones Industrial Average was down 101 points to finish the day at 23,461. The S&P 500 was down 9 points to close at 2,584. Gold was up $2 to trade at $1,286 per ounce, while oil was up $.27 to trade at $57.08 per barrel WTI.

 

We get a look at Disney’s earnings after the close, but traders will be focused on the politicians and whether they are going to bungle the tax bill as they did healthcare. I thought that the Senate and the House had been huddling for weeks working out the details of the tax bill. Silly me.

 

Have a nice evening everyone. 

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