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  3. US markets closed lower; focus remains on tax package

US markets closed lower; focus remains on tax package

20 Dec 2017 Evaluate

The US markets closed lower on Tuesday, as the House of Representatives, passed a bill that would deliver sweeping corporate tax cuts. The process hit a procedural snag after US markets closed, however, which will force the House to vote again on the package on Wednesday. On the economy front, the deficit in the broadest measure of US trade fell in the July-September quarter to $100.6 billion, the smallest imbalance in three years. The current account trade imbalance declined by 19.2 percent from a second quarter deficit of $124.4 billion. The improvement reflected a smaller deficit in goods trade, a bigger surplus in services such as financial services and a bigger surplus in income from overseas investments. The current account is the most complete measure of trade because it includes not only goods and services but investment flows and other payments between the United States and the world.

Meanwhile, housing starts ran at a seasonally adjusted annual rate of 1.297 million in November. That’s 3.3% higher than a revised October pace, and 12.9% higher than a year ago. Permits, which foreshadow future starts activity, ticked down 1.4% to a 1.298 million rate. Permits are 3.4% higher compared to a year ago. Builders broke ground on more homes than expected in November, making it the second-strongest month of the recovery. For the year to date, starts are running 5.8% higher than in the same period a year ago. Single-family starts rose 5.3% for the month in November, signaling stronger builder confidence in the market for homes for purchase.

The Dow Jones Industrial Average lost 37.45 points or 0.15 percent to 24,754.75, the Nasdaq dropped 30.908 points or 0.44 percent to 6,963.85, and the S&P 500 edged lower by 8.69 points or 0.32 percent to 2,681.47.

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