AFP, New York :
Wall Street stocks retreated Thursday as reports of congressional opposition to the tax cut plan and worries about lofty equity valuations ended the Dow’s run of records.
Reports that Senator Marco Rubio, a Florida Republican, could vote against the final tax cut package revived worries about the long-anticipated plan. The Senate approved its version of the measure by just two votes including Rubio’s, leaving President Donald Trump’s party little margin to lose support.
“The market is nervous because of the disorganized political situation,” said Phil Davis of PSW Investments.
The Dow Jones Industrial Average finished down 0.3 percent at 24,508.66, ending a four-day streak of records.
The broad-based S&P 500 shed 0.4 percent to end at 2,652.01, while the tech-rich Nasdaq Composite Index lost 0.1 percent at 6,856.53.
Analysts also have questioned the ability of the market to keep pushing higher after already achieving a series of records.
Wall Street stocks retreated Thursday as reports of congressional opposition to the tax cut plan and worries about lofty equity valuations ended the Dow’s run of records.
Reports that Senator Marco Rubio, a Florida Republican, could vote against the final tax cut package revived worries about the long-anticipated plan. The Senate approved its version of the measure by just two votes including Rubio’s, leaving President Donald Trump’s party little margin to lose support.
“The market is nervous because of the disorganized political situation,” said Phil Davis of PSW Investments.
The Dow Jones Industrial Average finished down 0.3 percent at 24,508.66, ending a four-day streak of records.
The broad-based S&P 500 shed 0.4 percent to end at 2,652.01, while the tech-rich Nasdaq Composite Index lost 0.1 percent at 6,856.53.
Analysts also have questioned the ability of the market to keep pushing higher after already achieving a series of records.
