The U.S. stock market took a leg lower Monday afternoon, after a report from Bloomberg indicated that the House of Representatives is considering phasing in proposed cuts to corporate taxes over a five-year period. According to Bloomberg citing being familiar, being discussed is a “gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want — a schedule that would have the rate reach 20 percent in 2022.” The Dow Jones Industrial Average was down about 90 points, or 0.4%, at 23,344, the S&P 500 index declined 10 points, or 0.4%, at 2,570, while the Nasdaq Composite Index was trading 0.2% lower at 6,685. At least part of a recent rally in stocks has been attributed to hope for pro-business policies becoming a reality soon, including tax cuts, deregulation and increases to spending. However, better-than-expected quarterly results, particularly among the biggest technology companies, and improved economic reports, also have fostered buying appetite for assets perceived as risky, like stocks, on Wall Street.
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