The Dow, S&P, and Nasdaq all finished slightly lower on Friday, but higher for the week. President Trump signed the new tax bill, which slashes the corporate tax rate to 21% from 35%. The Dow & S&P posted gains for the fifth straight week. New home sales ended at a 10-year high in November.
S&P 500: 2,683.42 (+.26%)
FTSE All-World ex-US: (-.32%)
US 10 Year Treasury Yield: 2.48% (+.5%)
Gold: $1,275 (1.5%)
EUR/USD: $1.186 (+.9%)
- Monday – New tax bill proposal jolts municipal bond market
- Tuesday – Humana and two private equity firms agree to buy Kindred Healthcare
- Wednesday – U.S. home resales surge
- Thursday – Voya Financial to exit Individual annuities business
- Friday – President Trump signs tax bill into law
The long anticipated GOP tax bill has finally arrived with the biggest impact being on the headline corporate tax rate dropping to 21% from 35%. This bill will provide a tax cut for the vast majority of families, but high earners in the highest tax states, like California and New York, will be impacted hard. This bill is expected to add to add between $500 billion to $1.5 trillion to the federal debt. Long term, this will shorten the timeline for entitlement programs, like Social Security and Medicare, to be addressed.
You can read more about the tax reform act and how it may impact you by reading yesterday’s post. You can also speak with your financial advisors and tax professional.
We wish you all a great holiday with family and friends!