U.S. stocks recovered somewhat after tumbling early Thursday amid emerging details of a highly anticipated tax-reform plan. The Dow Jones Industrial Average was trading flat at 23,429, recovering from an intrasession low of 23,350. The S&P 500 index was down 0.2% at 2,574, but had been down as much as 0.4% at 2,566. Meanwhile, the Nasdaq Composite Index declined 0.1% at 6,706, after hitting a nadir intraday of 0.4% at 6,684. The House Ways and Means Committee plans to consider the bill next week with the aim of turning it into law before the end of December.
Early details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, according to The Wall Street Journal.
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From:: Stock Market News