Wall Street opened higher, but closed in the red after the White House unveiled President Trump’s proposal for a tax code overhaul. The gains triggered by upbeat corporate earnings were offset by uncertainty over the feasibility of the 15 percent cut to business tax advanced by the administration.
The U.S. dollar also lost ground after gaining broadly on major rivals following the tax announcement.
More on the possible implications and reception of trump’s tax plan:
Trump’s dramatic tax cut plans gives hedge fund managers even more reasons to cheer.
Niche segment of the energy market could get a much-needed lift.
Like the phoenix, Twitter rises.
PayPal beats on profit, revenue.
PepsiCo suffers from mixed results.