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US market rally stalls despite passage of tax reform

Michelle Teo
Michelle Teo12/25/2017 08:00 AM GMT+08  • 7 min read
US market rally stalls despite passage of tax reform
(Dec 25): Tax cuts amounting to US$1.5 trillion ($2 trillion) are close to being signed into law in the US, following Congress and Senate approvals on Dec 20. President Donald Trump says the bill, which reduces the corporate tax rate to 21% from 35% previ
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(Dec 25): Tax cuts amounting to US$1.5 trillion ($2 trillion) are close to being signed into law in the US, following Congress and Senate approvals on Dec 20. President Donald Trump says the bill, which reduces the corporate tax rate to 21% from 35% previously, would encourage US companies to stop locating their headquarters overseas for tax purposes.

But the rally in US markets seems to have stalled, suggesting that investors have priced in the good news. On Dec 20, the Standard & Poor’s 500 closed more than 10 points below the one-year high that it had hit two days earlier. The index is based on 500 of the largest companies, by market capitalisation, listed on the New York Stock Exchange or Nasdaq.

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