Dow Ends at Record Peak, S&P Flat after Release of Tax Reform Bill

U.S. equities finished mostly higher on Thursday as investors assessed the details of the tax-reform plan proposed by Republicans.

The plan would reduce the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for firms and individuals.

The Dow Jones industrial average rose 0.35 percent 23,516.26, a record peak, after briefly losing 84 points. The index also notched a record intraday peak. Shares of Boeing were the best-performers on the 30-stock index.

The S&P 500 edged up 0.02 percent to 2,579.85, with financials climbing 0.9 percent. The index finished above the flatline. Shares of Allstate were among the best-performing stocks in the financials sector, adding 3.8 percent.

The Nasdaq composite finished below breakeven at 6,714.94; it dropped earlier, with tech investors being disappointed by the 12 percent rate on repatriated cash.

Apple advanced as the iPhone maker's revenue forecast for the holiday shopping quarter was highly above market expectations.

Facebook dropped 2.0 percent as investors brushed off solid quarterly results and were more concerned about the social media firm's spending. The stock was the biggest laggard on the S&P 500 and Nasdaq.

U.S. housing sector stocks plunged amid concerns regarding the tax plan's cap on deductions for mortgages. The PHLX Housing index dropped 1.1 percent, with Toll Brothers losing 6.1 percent and MDC Holdings down by 12.0 percent.

Shares of home improvement retailers also declined. Lowe's fell 4.1 percent and Home Depot pulled back 1.6 percent, adding pressure on the Dow.

News are provided by InstaForex