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US STOCKS-Wall St falls on tax bill worries; media stocks climb

From Reuters - November 10, 2017

(Reuters) - Wall Street declined on Friday as the markets grappled with concerns over delays in corporate tax cuts but a rise in media stocks helped limit the slide.

Walt Disney (DIS.N) rose 2.9 percent as the promise of a new film trilogy overshadowed weak quarterly results and struggles at the media company. The stock was the biggest boost on the Dow.

Disney held talks in recent weeks about buying some of Twenty-First Century Foxs (FOXA.O) film and TV businesses, according to media reports.

Twenty-First Century Fox, Time Warner Inc (TWX.N), Comcast (CMCSA.O) and News Corp (NWSA.O) were all up between 1.4 percent and 6.1 percent and were among the top boosts on the S&P and the Nasdaq.

Senate Republicans have unveiled a tax-cut plan that would delay lowering corporate rate to 20 percent by a year and provide small-business owners with a deduction rather than a special business rate.

The Senate Republicans version of the bill differs markedly on corporate, business and individual tax cuts from legislation detailed by their counterparts in the House of Representatives.

The S&P 500 index has surged more than 20 percent since the 2016 presidential election, fueled by Donald Trumps promises.

All three major indexes were on track to end lower for the week, with the S&P and the Dow on track to post weekly losses after eight straight weeks of gains.

When you get to the end of the earnings season, the focus shifts from the micro to the macro, in this case, the tax bill, said Art Hogan, chief market strategist at Wunderlich Securities.

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