US stocks waver as tax bill gets approval
New York : US stocks traded mostly higher in the morning session Wednesday, as the US Congress passed a mammoth tax reform bill on Wednesday.
By noon, the Dow Jones Industrial Average increased 25.16 points, or 0.10 per cent, to 24,779.91. The S&P 500 rose 0.58 points, or 0.02 per cent, to 2,682.05. The Nasdaq Composite Index was down 12.01 points, or 0.17 per cent, to 6,951.85, Xinhua reported.
Chris Low, Chief Economist at FTN Financial, said on Wednesday that both House of Representatives and Senate passed the bill on Tuesday, and that the president is expected to sign it before the end of the week.
"The bill is not popular, but Republicans are confident it will win people over as the economy benefits. As for that, it remains to be seen," he said.
The US House had to vote again on the Republican tax bill on Wednesday as some provisions in the bill did not comply with Senate budget rules.
US equities have posted solid gains and notched record highs several times since the Election Day, partially boosted by expectations of lower corporate taxes.
Meanwhile, tech shares fell on Wednesday, as traders have been taking profits from tech sector recently.
US stocks ended lower on Tuesday, as a decline in Apple shares dragged the tech sector lower.