Stocks finish flat following tax plan release

|By:, SA News Editor

Stocks settled with little change after giving up small gains into the close, as investors engaged in a bit of profit taking after the unveiling of the Trump tax plan provided little new information.

Retailers rose, however, as seen in the 1% jump in the SPDR S&P 500 Retail ETF, after the tax plan made no mention of a border adjustment tax; the outperformance among the retailers helped the consumer discretionary sector (+0.5%) close ahead of the broader market.

The health care sector (+0.5%) also gained, despite reports that conservative House Republicans will support the new health care bill, as Thermo Fisher helped spark the group with a 5.8% advance on better than expected earnings and upbeat guidance.

However, Procter & Gamble's 2.5% drubbing after issuing disappointing revenue guidance weighed the consumer staples sector (-0.8%) to the bottom of the day's leaderboard.

U.S. Treasury prices settled slightly higher across the board, leaving the benchmark 10-year yield 2 bps lower at 2.31%.

U.S. crude oil ended 0.1% higher to settle at $49.62/bbl as U.S. government data revealed that crude supplies fell for a third week in a row.