US stocks finished mixed Monday with high-flying technology shares experiencing profit taking as global markets digested the Senate’s passage of a massive tax cut plan.
The Senate’s 51-49 passage of the Republican tax measure late Friday night sets the stage for President Donald Trump to sign into law Wall Street’s biggest priority in time for Christmas.
US stocks appeared braced for another banner session, opening sharply higher in the aftermath of the Senate’s action. But technology shares later sold off, pushing the S&P 500 and Nasdaq into the red.
The Dow still mustered a modest record, climbing 0.2 percent to 24,290.05.
The greenback strengthened against the yen and the euro, though dealers remain reticent as both houses of Congress must reconcile their differing bills before sending a final draft to the White House, while analysts also warned of political risk.
“If the legislation gets ratified quickly, there would likely be another dollar bounce, but the longer this drags out, the dollar will probably sell off as political uncertainty has been the greenback’s undoing over and over again in 2017,” said Stephen Innes, head of Asia-Pacific trading at OANDA.
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