The GOP’s plan to cut taxes got one step closer to becoming law on Tuesday. Republicans in the House of Representatives voted to pass the revised tax plan, meaning only the Senate and President stand in the way.
The Dow, S&P 500, and Nasdaq all slipped on Tuesday, despite the tax plan’s progression, which many pundits have predicted will be good for stocks.
Here’s the scoreboard:
- Dow:24,754.40, -37.80, (-0.15%)
- S&P 500: 2,681.56, -8.60, (-0.32%)
- Nasdaq: 6,993.38, -30.91, (-0.44%)
- US 10-year yield: 2.39%, +0.04
- WTI crude oil: $US57.49, +0.20, (+0.35%)
- BANK OF AMERICA: Bitcoin is the ‘most crowded’ trade. Being long bitcoin is the most crowded trade in the world, according to a fund manager survey conducted by Bank of America Merrill Lynch.
- Traders are cranking up bets that the stock market will go crazy. Investors are increasingly wagering on stock market volatility, according to a measure of options trading.
- Investors pumped $US2 billion into crypto funds this year – and 2018 will be bigger. A new index tracking cryptocurrency-focused hedge funds showed returns of 1,641% in the year through to November.
- Corporate borrowing drives global debt issuance to a record $US6.8 trillion in 2017. Corporate borrowing made up 55% of global debt issuance in 2017.