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Markets Right Now: Tax plan trouble sends US stocks lower

December 14, 2017

The latest on developments in financial markets (All times local):

4 p.m.

Stocks gave up an early gain and finished lower as the Republican tax plan hit another snag.

Indexes turned lower Thursday after Sen. Marco Rubio said he would vote against the bill unless the child tax credit was expanded.

Small-company stocks, which stand to benefit the most from proposed corporate tax cuts, fell more than the rest of the market.

21st Century Fox jumped 6.5 percent after announcing a deal to sell most of its assets to Disney.

The Standard & Poor’s 500 fell 10 points, or 0.4 percent, to 2,652.

The Dow Jones industrials lost 76 points, or 0.3 percent, to 24,508. The Nasdaq gave up 19 points, or 0.3 percent, to 6,856.

The Russell 2000 index of small-company stocks fell 17 points, or 1.1 percent, to 1,506.

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11:45 a.m.

Stocks are modestly higher in midday trading on Wall Street as technology companies and retailers climb.

Google’s parent company Alphabet rose 1.4 percent Thursday, and Amazon rose 1 percent.

Disney rose 1.3 percent after announcing a deal to buy most of Rupert Murdoch’s 21st Century Fox. Fox rose 3.9 percent.

Teva Pharmaceuticals soared 14 percent after the Israeli drugmaker said it would lay off a quarter of its staff.

The Standard & Poor’s 500 rose 2 points, or 0.1 percent, to 2,665.

The Dow Jones industrials climbed 40 points, or 0.2 percent, to 24,625. The Nasdaq composite increased 18 points, or 0.3 percent, to 6,893.

Bond prices fell. The yield on the 10-year Treasury rose to 2.36 percent.

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9:35 a.m.

Stocks are off to a solid start on Wall Street as technology companies and banks rise.

Disney rose 1.8 percent in early trading Thursday after announcing a deal to buy entertainment businesses from Rupert Murdoch’s 21st Century Fox conglomerate. Fox was up 0.5 percent.

Teva Pharmaceuticals soared 15 percent after the Israeli drugmaker said it would lay off a quarter of its staff.

The Standard & Poor’s 500 rose 3 points, or 0.1 percent, to 2,665.

The Dow Jones industrials climbed 78 points, or 0.3 percent, to 24,661. The Nasdaq increased 8 points, or 0.1 percent, to 6,884.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.

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