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11-Nov2017

US markets closed mostly in red on Friday

The US markets ended mostly in red terrain on Friday, as traders digested the details of the Senate Republican version of tax reform legislation. The Senate bill includes some significant differences from the House version, including a delay in the implementation of a cut in the corporate tax rate. While the Senate version still reduces the corporate tax rate to 20 percent from 35 percent, the new rate would not take effect until 2019. The House bill would start the 20 percent rate next year. A number of other differences related to issues such as deductions and the estate tax have raised some questions about the outlook for tax reform. House Republicans could pass their version as early as next week, although it remains to be seen if GOP lawmakers can overcome the differences in the two bills to get legislation to the president's desk.

However, downside remained capped on report from the University of Michigan showing a bigger than expected pullback in consumer sentiment in the month of November. The report said the preliminary reading on the consumer sentiment index for November came in at 97.8 compared to the final October reading of 100.7. The street had expected the index to dip to 100.0. The bigger than expected decrease by the consumer sentiment index came after it surged up to a thirteen-year high in October.

The Dow Jones Industrial Average lost 39.73 points or 0.17 percent to 23,422.21 and the S&P 00 was down by 2.32 points or 0.09 percent to 2,582.30, while the Nasdaq was up by 0.89 points or 0.01 percent to 6,750.94.


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