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The word "Tax" on cut up pieces of paper


The Market Wrap for September 29: All Eyes on Proposed Tax Cuts

Asif Imtiaz Sep 29, 2017

The week started with a morbid Monday as a minor sell-off in the tech sector pushed stocks lower. President Trump’s exchange of words with North Korea over the weekend also helped bears gain traction early in the week.

However, as the week progressed, tech stocks rebounded and helped support the NASDAQ, which was up over 73 points on Wednesday. The bigger-than-expected increase in durable goods orders and a 3.1% GDP growth rate during Q2 also calmed the market and kept the bulls motivated later in the week.

The GOP once again abandoned their plans to topple the Affordable Care Act this week, as the Senate decided not to vote on the Graham-Cassidy bill. But what turned investors around was the GOP’s proposed deep tax cuts, which will effectively reduce the corporate tax rate from 35% to 20%.

While it became clear that uniting the country would be difficult for the president, his presidency will continue to reap the benefit of a bullish market that has unswervingly discounted the threat of war with a rogue state like North Korea.

Be sure to check out our previous week’s edition here, in which President Trump’s contentious speech at the U.N. stirred markets.

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