November 17, 2017 / 9:24 PM / in a year

BUZZ-U.S. stocks weekly: Feeling taxed

** S&P 500 gyrates before edging lower for second straight week as tax changes mulled

** That said, SPX may be on a countdown to a volatility spike, and needs to quickly regain its balance

** This as recent DJI cloudy action puts flurries in the forecast, while the Nasdaq Composite gasps for breadth

** Still, most sectors notch gains; consumer names and telecom lead, while energy and industrials drag

** Cons Disc up 1.3 pct. Battered Foot Locker has best day ever on Fri after Q3 results

** Cons Staples up 1 pct. Wal-Mart jumps to record high as its online prowess impresses

** Financials up 0.3 pct. Regional banks outperform on U.S. Senate deal to roll back Dodd-Frank Act. KBW Regional Banking index jumps 2.6 pct

** Utilities up 0.2 pct, spike to new record then reverse. Indeed, DJ Utilities new high may have a short fuse

** Tech slips 0.4 pct. But NetApp Inc soars 14 pct after strong beat and raise. And Cisco hits 16 1/2-yr high on upbeat forecast

** Industrials fall 1 pct. GE tumbles 11 pct after announcing major overhaul, halving dividend. Stock yet to circle its wagons, mount a stand. And truck makers skid after Tesla semi wins orders

** Energy slumps 3.4 pct. Oil prices suffer first weekly loss in six as fears of oversupply in U.S. weighed . Energy ETF quickly burns out

** SPX sector YTD performance:

** Meanwhile, BofA-ML fund mgr survey says equities showing sign of “irrational exuberance”, and Tesla may need to tap the equity market

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