US shares close lower
US tax overhaul bill passed
TSX down over 26 points
US benchmarks closed lower on Wednesday, as the new US tax bill was passed.
The Dow Jones finished over 28 points down at 24,726, while the S&P 500 closed out at 2,679 - down 2.22.
The Nasdaq closed down 2.89 at 6,960.
In Toronto, the TSX finished down over 26 points at 16,159.
MID-SESSION
Wall Street shares were on the up at mid-session as the long-awaited tax reform bill was passed - for the second time - by the House of Representatives.
It means the bill now goes to President Trump for a signature.
David Madden, at London-based CMC Markets, said: "The changes to the tax system are tipped to be the deepest tax cuts to for the American middle class in 30 years.
"The corporate rate will be reduced to 21% from 35%, which is likely to halt American companies relocating overseas for tax purposes.
"We could also see US corporations repatriate funds, which could fuel stock buy-backs or perhaps mergers and acquisition (M&A) activity."
The benchmark Dow Jones Industrial Index is up over 18 points at the time of writing at 24,772, the S&P 500 added 2.66 at 2,684 and the Nasdaq gained almost six points at 6,969.
In Toronto, the TSX is up over 26 points at 16,159.
Meanwhile, the US housing market continues to go from strength to strength.
Home sales increased more than expected last month (November), hitting their highest level in nearly 11 years.
Republicans are enjoying a victory dance after pushing through their tax bill. But accountants, the IRS and taxpayers are bracing for chaos. https://t.co/gmVwSGC06C pic.twitter.com/BaJw27pakW
— POLITICO (@politico) December 20, 2017
OPEN
US stocks started out a little mixed as the Street awaits the re-vote on the Republican tax bill in the House of Representatives.
In a convoluted tale, the overhaul bill was passed in the House on Tuesday and passed in the Senate early this morning after technical changes were required to be made.
It will now go back to the house on Wednesday for a re-vote where it is expected to be passed, and the onto President Trump's desk for a signature.
The Dow Jones is up over 45 points at 24,800 at the time of writing, the S&P 500 is up 2.39 at 2,683.
The tech heavy Nasdaq index is down almost nine points at 6,954.
US crude (West Texas Intermediate) is also ahead - up 0.58% to US$57.49 a barrel.
A notable mover was Micron Technology Inc (NASDAQ:MU), whose shares added over 3.3% to US$45.46 after the chip maker's forecast-beating earnings performance in the first quarter ending November 30.
The company reported revenues of US$6.80bn, 71% higher compared with the same period last year. Compared to the fourth quarter of 2017, revenues for the first quarter was 11 percent higher, reflecting increased demand for mobile, server, and SSD products.