US stocks close mixed after Senate tax vote

Posted on: December 4th, 2017 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — Stocks closed mixed on Monday despite gains earlier in the day after Republicans cleared a major hurdle in their tax overhaul efforts.

The Dow Jones Industrial Average up 58.46 (+0.24 percent) to finish at 24,290.05.

The Nasdaq sunk 72.22 (-1.05 percent) to close at 6,775.37, while the S&P 500 finished at 2,639.44, down 2.78 (-0.11 percent) from its open.

Crude oil prices were about 1.5 percent lower at $57 per barrel.

Taxes:  Senate Republicans passed their own tax bill 51-49 on Friday, but before President Trump can sign legislation, a conference committee will need to meld the House and the Senate’s bills. Both have a lot in common, but Republican leaders will need to negotiate some of the differences like the repeal of Obamacare’s individual mandate, mortgage interest deduction, and more.

Winners and Losers:  Bank stocks jumped on the Senate-approved Republican tax bill, including Bank of America (+3.49 percent), Wells Fargo (+2.10 percent), and JPMorgan Chase (+2.06 percent).

CVS Health and Aetna announced a merger deal worth about $69 billion. The pharmacy giant’s acquisition has the potential to shake up the health care industry as Americans face higher medical and prescription costs. Shares of CVS tumbled 4.54 percent and Aetna was down 1.40 percent.

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