April 26, 2017 / 8:57 PM / 7 months ago

Business Watch: Wall Street betrays doubts over Trump tax plan

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.

A reporter shoots a picture of a White House press release on its tax reform plan during the daily briefing at the White House in Washington, U.S., April 26, 2017. REUTERS/Carlos Barria

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.

Earnings update:

Like the phoenix, Twitter rises.

PayPal beats on profit, revenue.

PepsiCo suffers from mixed results.

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