{"id":118483,"date":"2017-12-21T07:12:27","date_gmt":"2017-12-21T12:12:27","guid":{"rendered":"http:\/\/countingpips.com\/?p=118483"},"modified":"2018-06-01T15:48:20","modified_gmt":"2018-06-01T15:48:20","slug":"us-stocks-slip-as-congress-passes-tax-bill","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/us-stocks-slip-as-congress-passes-tax-bill\/","title":{"rendered":"US stocks slip as Congress passes tax bill"},"content":{"rendered":"
December 21, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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All three main US indices slip<\/h2>\n<\/div>\n<\/div>\n

US stock market\u00a0<\/b>edged lower on Wednesday as Congress sent Republicans\u2019 tax bill to President Donald Trump for his signature. The dollar weakness persisted: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.1% to 93.336. The\u00a0S&P 500<\/a>\u00a0slipped less than 0.1% to 2679.25 with losses in real estate and utilities offset by gains in energy, telecommunication and industrial shares. TheDow Jones\u00a0<\/em>industrial average lost 0.1% to 24726.65.\u00a0Nasdaq\u00a0<\/em>composite index fell less than 0.1% to 6960.96.<\/p>\n

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After the Senate passed the tax bill early on Wednesday the House of Representatives voted for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. Markets didn\u2019t react to positive economic data: existing home sales rose 5.6% on month in November to 5.81 million seasonally adjusted rate, the strongest reading since December 2006.<\/p>\n<\/div>\n<\/div>\n

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European markets retreat<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>pulled back on Wednesday. The\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>continued climbing against the dollar. The Stoxx Europe 600 closed 0.7% lower. Germany\u2019s\u00a0DAX 30\u00a0<\/em>fell 1.1% settling at 13069.17. France\u2019s\u00a0CAC 40\u00a0<\/a>dropped 0.6% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>slipped 0.3% to 7525.22.<\/p>\n

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The International Monetary Fund downgraded its forecast for 2017 UK growth to 1.6% from 1.7%. The lender said it expects growth to slow to 1.5% in 2018. The IMF cited UK\u2019s last year decision to leave the European Union the reason for slower growth prospect.<\/p>\n<\/div>\n<\/div>\n

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Bank of Japan keeps policy steady<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mixed today.\u00a0Nikkei\u00a0<\/em>fell 0.1% to 22727.50 despite continued yen slide against the dollar as the Bank of Japan kept its monetary policy unchanged. Chinese stocks are up as the Central Economic Work Conference concluded in China with policy makers reiterating that monetary policy will be \u201cprudent and neutral\u201d next year, deemphasizing a focus on deleveraging. The\u00a0Shanghai Composite Index\u00a0<\/em>is 0.4% higher and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 0.6%. Australia\u2019s All Ordinaries Index slipped 0.3% with Australian dollar little changed against the greenback.<\/p>\n

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Oil up on US crude stocks draw<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are higher today after the US Energy Information Administration report of more than expected drop in domestic crude supplies of 6.5 million barrels. Prices ended higher yesterday: February Brent crude rose 1.2% to $64.56 a barrel on Wednesday.<\/p>\n

\"Brent\"<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets All three main US indices slip US stock market\u00a0edged lower on Wednesday as Congress sent Republicans\u2019 tax bill to President Donald Trump for his signature. The dollar weakness persisted: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.1% […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-118483","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=118483"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118483\/revisions"}],"predecessor-version":[{"id":118492,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118483\/revisions\/118492"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=118483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=118483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=118483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}