Posted on 11/09/2017 12:56:15 PM PST by SeekAndFind
U.S. equities fell sharply on Thursday, pulling back from record highs, on worries that tax reform could be delayed until 2019.
A proposed plan by Senate Republicans would push tax reform back to 2019, CNBC has learned through a source. The move contrasts with a bill working its way through the House. The Washington Post first reported the news.
"That's what gave us this new leg down," said Art Cashin, director of floor operations at UBS, on CNBC's "Squawk Alley."
Expectations for tax reform have increased recently, helping lift the stock market to all-time highs. The major indexes had recovered some losses from earlier in the session prior to the Senate news breaking.
At 2:11 p.m. in New York, the Dow Jones industrial average traded 129 points lower, with McDonald's as the biggest decliner; it fell 1.8 percent. The Dow briefly fell more than 250 points.
The S&P 500 pulled back 0.55 percent, with industrials as the leading decliner; the sector fell 1.3 percent.
The Nasdaq composite lagged, falling 0.8 percent.
(Excerpt) Read more at cnbc.com ...
“Give us the House”, they said and we’ll stop Obama.
“Give us the Senate”, they said and we’ll fight ObamaCare.
Give us the Presidency”, they said and we’ll repeal ObamaCare
It was all a big fat lie to their constituencies...that’s all it was. The useless GOPe arm of the UniParty is a NOTHING burger....absolutely nothing. No guts, no legislation, no nothing. They need to become extinct like the Whigs.
Hey Ryan, Hey McConnell....send Trump the EXACT SAME ObamaCare repeal bill that you sent Obama. Nothing....OK. No guts, because you know he’ll sign it. You clowns never wanted to repeal it from the beginning. You clowns are a NOTHING burger.
No, the bottom line is that the Senate Republicans are deep state oligarchs. The United States Senate needs to thrown on the ash-heap of history...the only purpose it serves is to make 100 criminals very wealthy.
I don't think they give a shiite as long as they can keep their cushy jobs as "principled" opposition, get invited to all the right parties, and keep their campaign donations flowing from the Swamp.
Explains it all in a nutshell.
Actually relatively small change—but a good start!
I really want a new political party.
This stock run-up is a creation of the Bernanke/Yellen Fed policy to wallpaper over the Obama economy. Trillions created out of thin air.
I believe it won’t end well, JMHO.
Time to list every Republican delaying this, and Primary them out in 2018.
It does not matter if they panic right before the election and change their vote.
These so called Republicans are Democrats with R’s by their names.
These Swamp Rats are showing their true colors.
You are exactly right...the ruling class morons cannot afford to have a total outsider step in and be successful in all the areas where they have totally failed.
This is all about insuring President Trump’s agenda fails.
I think all congress critters should have to wear uniforms like the style NASCAR drivers wear with all their sponsors showing.
I suspect more than a few senators couldn’t stand due to the weight of the many, many patches.
the entire system is rigged....
its even more important to keep your life in balance,understanding that your station in life has been fixed by our betters, that we remember who our GOD is, and that we try to legally avoid all taxation as much as possible to try to starve the beast..
Why delay unless the real plan is to have it killed off by Democrats.
Like that has never happened anytime in the past. /sar
BASTARDS!
After all, time is money. The present value of the market is much less the longer the delay in tax cuts.
That worked for Clinton, but the MSM and Democrat party played along with his triangulation, knowing it was necessary for him to retain power, whereas the Repubican establishment, MSM and Democrats will all be against Trump and it will be difficult for him to overcome all of them, especially if the base is dispirited when nothing has been accomplished because of the obstruction.
I am more sick of the Republicans than of the Democrats. At least they fight for what they believe.
I don’t think a sell off would help the economy. Nor do I think it would hurt it.
The stock market hasn’t reflected the real economy in quite some time, owing to the so-called quantitative easing by the Fed - and other central banks as well.
But this is still a major league bull market, even if it is fueled by easy money.
Supposedly the Fed is continue the small interest rate increases and cut back on the easy money. We have a new Fed Chairman now so we’ll have to see what happens next.
But for now - all other things being equal - I’d be looking to jump in if the Dow drops 3000 points or more.
On the other hand, if I really knew what I was talking about, I’d be typing this from the Italian Riveria!
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