Stocks fell sharply but rebounded into the close on Friday following an ABC News report that said Michael Flynn, the former national security adviser, would testify that President Donald Trump told him to contact Russians. Flynn was charged with one count of making false statements to federal investigators.
Here’s the scoreboard:
- Dow: 24,231.59, -40.76, (-0.17%)
- S&P 500: 2,642.22, -5.36, (-0.20%)
- Nasdaq: 6,847.59, -26.39, (-0.38%)
- Heavy buying across the Treasury complex had yields sharply lower – especially at the long end of the curve – following the Flynn news. The 10-year yield fell 77 basis points to 2.333%.
- The US Commodity Futures Trading Commission said it would allow bitcoin futures trading on three exchanges including the Chicago Mercantile Exchange. “Bitcoin, a virtual currency, is a commodity unlike any the commission has dealt with in the past,” J. Christopher Giancarlo, the CFTC’s chairman, said in a statement.
- Republican leaders say they ‘have the votes’ to pass their massive tax bill. A vote on Friday would come just three weeks after the bill, the Tax Cuts and Jobs Act (TCJA), was introduced.
An analysis from the Tax Policy Center showed that the Republican tax plan would do little to boost economic growth and would cause the federal deficit to balloon. The Tax Cuts and Jobs Act (TCJA) would add just 0.7% to US GDP in 2018 and its positive economic impact would diminish over time, the analysis showed.
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