Category: Stock Market News

Shares of H&R Block Inc. dropped off a table as President Donald Trump’s tax plan was revealed Wednesday, amid concerns that the tax preparation company would be hurt by a simplified tax code. The stock was trading up about 1.4% at 1:30 p.m. ET, just before the tax plan was released, then fell as much as 1.8% to an intraday low of $23.81 within minutes, before bouncing to be down 0.3%. Shares of Intuit Inc. was down 2.1%, but was already down 2.2% before the tax plan was released.

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Gold prices pared some losses in electronic trading Wednesday, while oil prices held onto their modest gains after the Trump administration unveiled its tax reform plan. June gold was at $1,265.20 an ounce in electronic trading. It fell $3, or 0.2%, to settle at $1,264.20, just as Treasury Secretary Steven Mnuchin started to unveil the plan. June West Texas Intermediate oil was up 20 cents, or 0.4%, to $49.76 a barrel on the New York Mercantile Exchange, little changed from its level minutes before the news.

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U.S. stocks traded in positive territory on Wednesday as investors digested the details of President Donald Trump’s amibitious plan that proposed both simplifying tax codes for individuals and lowering the corporate tax rate to 15%. The S&P 500 rose 8 points, up 0.4%, to 2,397 while the Dow Jones Industrial Average gained 68 points, or 0.3%, to 21,063 while the Nasdaq Composite Index climbed 14 points, or 0.2%, to 6,039.

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Amazon.com Inc.’s stock rose 0.6% in afternoon trade Wednesday, putting it on track for a record close, as investors jockey for position a day before the release of the e-commerce giant’s first-quarter report. The stock was trading at $912.96, above the April 5 record close of $909.28, but still below that day’s all-time intraday high of $923.72. This would be the stock’s ninth record close this year. Amazon is expected to report results after Thursday’s close. The stock has lost ground the day after the last two quarterly reports, by an average of 4.3%. The stock has run up 22% year to date, while the Nasdaq Composite has surged 12% and the S&P 500 has gained 7%.

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The conservative House Freedom Caucus on Wednesday threw their critical support behind a compromise GOP health-care bill increasing the chances for the legislation. “While the revised version still does not fully repeal Obamacare, we are prepared to support it to keep our promise to the American people to lower healthcare costs,” the Freedom Caucus, a group of about three dozen conservatives, said. The caucus withheld support from Republican legislation put forward in late March to repeal and replace Obamacare, leading House leaders to scuttle a vote on the plan. Since then, House Republicans have been meeting sporadically with the Trump White House behind the scenes to draft a compromise GOP proposal that would meet the demands of both liberal and conservative Republicans. House Speaker Paul Ryan told reporters the compromise plan is “a great way to lower premiums, gives states more flexibility while protecting people with pre-existing conditions.” But Ryan refused to say when a vote on the measure might take place.

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Jonathan Demme, the Oscar-winning director of “The Silence of the Lambs,” has died, according to media reports. He was 73 years old. Demme, who directed other acclaimed films such as “Philadelphia,” “Stop Making Sense” and “Rachel Getting Married,” died Wednesday in the Manhattan borough of New York from reported complications of esophageal cancer.

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The dollar advanced against its two North American rivals on Wednesday following a Politico report that the Trump administration is weighing an executive order to withdraw from the North American Free Trade Agreement. If the U.S. follows through, heavy industries in both Canada and Mexico would likely suffer, possibly weighing on economic growth. The dollar rose 1.7% to trade at 19.18 pesos, its strongest level in six weeks. By comparison, it traded at 18.87 pesos late Tuesday in New York. The greenback also climbed against the Canadian dollar, though that move was somewhat more muted; one dollar bought C$1.3607 in recent trade, up 0.2% from C$1.3571 late Tuesday.

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Shares of the companies that reported earnings early Wednesday are subtracting a combined total of about 10 points from the Dow Jones Industrial Average . United Technologies Corp. beat first-quarter profit and revenue expectations, and the stock rose $2.02, or 1.7%, to pace the Dow’s gainers. That was adding about 14 points to the Dow’s price. Procter & Gamble Co. missed revenue expectations, and the stock shed $1.61, or 1.8%, to lead the Dow losers. That shaved about 11 points off the Dow’s price. Shares of Boeing Co. , which also missed revenue estimates, were the second-biggest Dow loser as they fell $1.96, or 1.1%, to subtract about 13 points from the Dow. The Dow was up 55 points in midday trade, with 20 of its 30 components gaining ground.

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The Russell 2000 hit a record in intraday trade on Wednesday as the market eagerly awaited a plan to overhaul corporate taxes set to be revealed by officials of President Donald Trump at 1:30 p.m. Eastern. The Russell 2000 , which tracks small-capitalization stocks, hit a high in intraday trade of 1,424.06, above its closing record of 1,413.64 set March 1, according to FactSet data. Another popular way to invest in the smallest companies in the S&P 500, the S&P Small Cap 600 touched a record of its own, as did the iShares Russell 2000 ETF , which tracks the Russell 2000 closely. The small-cap sector has enjoyed a healthy run ahead of Trump’s tax announcement, largely because the president’s proposal calls for cutting the tax rate on owner-operated businesses to 15%. However, there are expected to be challenges to the administration’s new tax plan because it is likely to add to the U.S. deficit.

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Amazon.com Inc. said Wednesday that it has launched the Echo Look, a hands-free, voice-activated camera that will help users track their wardrobe. The device will take full-length photos that can be shared, can create a lookbook, and, using Alexa, will create a short video that shows the user’s outfit from every angle. The Style Check feature, which Amazon says combines machine learning with advice from fashion specialists, will offer a second opinion on an outfit based on trends and what looks best. The Echo Look will also introduce brands and styles to users based on their look books. The Echo Look will be about $200 when it goes on sale, according to the Amazon site. Amazon shares are up 47.5% for the past year while the S&P 500 index is up 14.6% for the period.

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