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Amazon shines as Wall Street ends flat

Reuters
Wednesday, November 29, 2017

Wall Street's major indexes ended little changed yesterday, retreating modestly from record highs set during the session, as gains for Amazon countered losses in shares of energy companies.

Investors also digested strong economic data, which showed sales of new US single-family homes unexpectedly rose in October to a 10-year high amid robust demand across the country.

Prospects for corporate tax cuts have also occupied market watchers who hope such reforms would further fuel the record-setting run for equities.

President Donald Trump summoned Senate Republican tax-writers to the White House to urge passage of a sweeping tax bill as Republicans rushed to bring the bill to a Senate vote, possibly as soon as Friday.

"You have got this continuous background of tax reform," said Peter Andersen, chief investment officer with Fiduciary Trust Company in Boston.

"But underlying that, if you just take your eyes off that for a moment and look at the other fundamentals of the economy and the world economy, things look very positive," Mr Andersen said.

The Dow Jones Industrial Average rose 22.79 points, or 0.1 per cent, to 23,580.78, the S&P 500 lost 1 point, or 0.04 per cent, to 2,601.42 and the Nasdaq Composite dropped 10.64 points, or 0.15 per cent, to 6,878.52.

Investors were also eyeing Wednesday's hearing at the US Senate Banking Committee to confirm the nomination of Jerome Powell to succeed Janet Yellen at the helm of the Federal Reserve.

Shares of online retailer Amazon rose 0.8 per cent as consumers sought Cyber Monday online promotions following the Black Friday start to the holiday shopping season.

"These are retail's two biggest days of the year and not surprisingly retail is driving this market," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa.








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