FYI: Back to your regularly scheduled program… the S&P 500 rested a bit while a small correction rolled through the massive winners of 2017 in mega cap tech land, but in the end all was well again by Friday.
“The Nasdaq Composite Index was getting a little frothy, so it’s not surprising to see that some details in the proposed tax bill that would impact tech companies turned out to be a catalyst for a selloff in these stocks over the past few sessions,” said Quincy Krosby, chief market strategist at Prudential Financial.
The retention of the corporate alternative minimum tax in the Senate version of the Republicans’ tax bill has been seen as a factor in tech-stock selling. The House’s bill repealed the corporate AMT, but in a last-minute switch before passing its bill early Saturday morning, the Senate decided to keep the provision.
Still good sailing otherwise… for the week the S&P 500 gained 0.35% while the NASDAQ fell 0.1%.
Regards,
Ted
https://www.stocktrader.com/2017/12/11/weekly-market-recap-dec-10-2017/
