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Wall Street dips as tax uncertainty offsets strong earnings

Posted by: Admin | Posted on: April 26th, 2017 | 0 Comments

NEW YORK U.S. stocks ticked lower on Wednesday following two sessions of strong gains as upbeat corporate earnings were offset by uncertainty over the feasibility of a proposed business tax cut.

The proposal from the Trump administration would slash tax rates for businesses and on overseas corporate profits returned to the country. It offered no specifics on how it would be paid for without increasing the deficit.

The Dow Jones Industrial Average .DJI fell 21.03 points, or 0.1 percent, to 20,975.09, the SP 500 .SPX lost 1.16 points, or 0.05 percent, to 2,387.45 and the Nasdaq Composite .IXIC dropped 0.27 points, or 0 percent, to 6,025.23.

(Reporting by Rodrigo Campos; Editing by Nick Zieminski)

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