Markets Right Now: Tech slump leaves US stock indexes mixed - InfoNews

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Markets Right Now: Tech slump leaves US stock indexes mixed

December 04, 2017 - 1:10 PM

The latest on developments in financial markets (All times local):

4 p.m.

It was a mixed day on Wall Street as investors pondered which companies would be winners and losers if a Republican-sponsored tax overhaul goes through.

Indexes were mostly higher in early in the day Monday but wound up with an uneven close after drops in technology and health care stocks cancelled out gains elsewhere.

Phone companies, which pay high tax rates, did better than the rest of the market. AT&T rose 2.1 per cent.

The Standard & Poor's 500 fell 2 points, or 0.1 per cent, to 2,639.

The Dow Jones industrials rose 58 points, or 0.2 per cent, to 24,290, largely due to a gain in Boeing.

The Nasdaq dropped 72 points, or 1.1 per cent, to 6,775.

The yield on the 10-year Treasury held steady at 2.37 per cent.

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11:45 a.m.

Stocks are rising in midday trading on Wall Street after the Senate passed a tax overhaul bill.

Companies that stand to benefit the most from lower corporate taxes rose the most Monday. Small-company stocks and companies that do much of their business in the U.S. rose more than the rest of the market.

Lower-taxed companies like technology stocks didn't do as well.

Banks and retailers rose. Bank of America jumped 3.8 per cent and Home Depot gained 2.8 per cent.

The Standard & Poor's 500 index rose 12 points, or 0.5 per cent, to 2,655.

The Dow Jones industrial average rose 222 points, or 0.9 per cent, to 24,453. The Nasdaq composite fell 26 points, or 0.4 per cent, to 6,821.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.39 per cent.

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9:35 a.m.

Stocks are opening solidly higher on Wall Street following more deal news and progress on the Republican tax overhaul plan over the weekend.

Banks rose more than the rest of the market in early trading Monday. Bank of America jumped 3.4 per cent.

Consumer-focused and industrial companies were also putting up big gains. Cable TV and entertainment company Comcast rose 3.4 per cent and Boeing rose 2.2 per cent.

Aetna rose 1.8 per cent after the health insurer agreed to be acquired by drug store operator CVS. CVS fell 3.9 per cent.

The Standard & Poor's 500 index rose 19 points, or 0.7 per cent, to 2,661.

The Dow Jones industrial average rose 224 points, or 0.9 per cent, to 24,453. The Nasdaq composite climbed 43 points, or 0.7 per cent, to 6,892.

News from © The Associated Press, 2017
The Associated Press

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