Wall Street shares close in red
Traders digest data
Tax bill in focus
US stocks closed sharply lower on Thursday, as traders awaited the final version of the tax overhaul plan.
The Dow Jones closed over 76 points down at 24,508, while the S&P 500 shed almost 11 to 2,652.
The Nasdaq lost over 19 points at 6,856.
In the oil markets, crude shed 1.01% to US$57.17 a barrel.
If the bill is passed it would slash the corporate tax rate to 21% from 35%.
The market today also was digesting a raft of data. Weekly jobless claims totaled 225,000, which was well below an estimate of 239,000, while retail sales rose 0.8% in November versus an estimated increase of 0.3%.
Republicans plan to unveil a final bill on Friday, with the aim of voting on the legislation early next week. But lawmakers are still looking for ways to pay for the tax overhaul, by @thomaskaplan and @arappeport. https://t.co/yoEbqv2RaN
— NYT Politics (@nytpolitics) December 14, 2017
MID-SESSION
US stocks were down at mid-session. Earlier, FTSE 100 closed lower in London.
The Dow Jones is off 10 at 24,575. The S&P 500 is down 3.3 at 2,659.
The tech heavy Nasdaq is off 2.56 at 6,872.
US crude is up though, 0.51% higher at US$56.90.
OPEN
Wall Street shares started on the front foot on Thursday, with the Dow Jones Industrial Index up nearly 50 points at the time of writing.
The broader-based S&P 500 is also higher- up 4.15pts at 2,666.
Meanwhile, the Nasdaq index is up over 12 at 6,887.
In Toronto, the TSX is up 6.60 points at 16,143.
In the oil market, US crude is off 0.07% to stand at US$56.57 a barrel.
It means the Dow is on track for its sixth consecutive gain.
On Wednesday, Janet Yellen, in her last major move as Federal Reserve chair, raised interest rates a quarter point to a range of between 1.25% and 1.5%.
The US central bank cited the "strong" jobs market and growth in household and business spending for the hike.
Fed raises interest rates, sets stage for more increases in 2018 https://t.co/5gMPLwAF0Q pic.twitter.com/sW6dPyMFWC
— POLITICO (@politico) December 14, 2017
In stocks, retailer Macy's Inc (NYSE:M) was a notable laggard, shedding 2.83% to US$254.10 each.
Going the other way, unsurprisingly, was Twenty-First Century Fox Inc (NASDAQ:FOXA), which added over 3% to US$33.65 each.
Disney today confirmed will buy a large chunk of 21st Century Fox Inc's assets for US$52.4bn in stock.
The takeover includes Fox’s stakes in British broadcaster Sky PLC (LON:SKY) and video streaming service Hulu as well as its film studio, Asian pay-TV operator Star TV and regional sports networks.
Rupert Murdoch’s company will retain its Fox News and Sports channels.