U.S. stocks closed lower on Thursday, with major indexes retreating from record levels and the Dow snapping a seven-day winning streak as the latest details on tax legislation out of Washington pointed to a less aggressive timetable than investors had hoped. The Dow Jones Industrial Average fell 101 points, or 0.4%, to 23,462. The S&P 500 ended down by 0.4%, or 9.8 points, at 2,585. The Nasdaq Composite Index fell 0.6%, or 39 points, to 6,750. Thursday marked the biggest one-day percentage decline for all three since late October. The decline came after tax legislation unveiled by Senate Republicans indicated it would delay a cut in the corporate rate until 2019, as opposed to next year, as proposed by House Republicans. The day’s losses were led by the industrial sector, which fell 1.3%, and materials and technology stocks, both of which fell 0.8%. On the upside, Roku Inc. soared 55% a day after it reported earnings and revenue that came in above analyst forecasts.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News