House of Representatives Pass ‘Sweeping’ Tax Reform Bill
Bulls Take Control of Financial Markets
$DIA, $SPY, $QQQ, $VXX
The House of Representatives approved a package of tax cuts affecting businesses, individuals and families Thursday, moving Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation.
The largely party-line 227-205 vote shifted the tax debate to the Senate, where that chamber’s separate plan has already encountered resistance from some Republicans.
No decisive Senate action was expected until after next week’s Thanksgiving Holiday.
President Trump, who is looking for his 1st major legislative win since he took office in January, went to the Capitol just before the vote to urge Republicans to pass the tax measure.
“Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity, to help these middle-class families that are struggling,” House Speaker Paul Ryan told lawmakers before the vote.
Congress has not thoroughly overhauled the sprawling US tax code since Republican Ronald Reagan was President in Y 1986.
Thursday, the US major stock market indexes finished at: DJIA +187.08 at 23458.36, NAS Comp +87.08 at 6793.30, S&P 500 +21.02 at 2585.64
Volume: Trade on the NYSE came in at: 776-M/shares exchanged
- NAS Com[ +26.2% YTD
- DJIA +18.7% YTD
- S&P 500 +15.5% YTD
- Russell 2000 +9.6% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.54)||Bullish (0.42)||Very Bullish (0.62)||Very Bullish (0.58)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.45)||Bullish (0.32)||Very Bullish (0.52)||Very Bullish (0.50)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.52)||Very Bullish (0.50)||Very Bullish (0.54)||Very Bullish (0.53)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.26)||Neutral (0.06)||Very Bearish (-0.51)||Bearish (-0.33)|
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