Tax cut outline pushes Wall Street lower

The summary provided details for draft legislation that was expected to undergo further changes, with weeks and possibly months to go before any decisive action by Congress.
The summary provided details for draft legislation that was expected to undergo further changes, with weeks and possibly months to go before any decisive action by Congress.PHOTO: AFP

NEW YORK (Reuters) - US stocks fell in early trading on Thursday (Nov 2) as investors digested a summary of a much-awaited Republican tax overhaul.

The summary provided details for draft legislation that was expected to undergo further changes, with weeks and possibly months to go before any decisive action by Congress.

In midmorning trading hours, the Dow Jones Industrial Average was down 71.07 points, or 0.3 per cent, at 23,363.94, the S&P 500 was down 11.56 points, or 0.44 per cent, at 2,567.8 and the Nasdaq Composite was down 30.22 points, or 0.45 per cent, at 6,686.31.