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November 3, 2017

Stocks end day mixed

AP Markets Writer

NEW YORK — U.S. stocks finished mixed on Thursday as investors pored over House Republican's tax proposals and President Donald Trump picked Fed Governor Jerome “Jay” Powell to lead the Federal Reserve. Weak results from consumer and health care companies pulled those parts of the market lower.

The House tax plan would temporarily cut the top corporate tax rate to 20 percent from 35 percent. That helped smaller, more U.S.-focused companies, because they generally pay higher tax rates than larger firms that do a lot of business in other countries. Home improvement retailers and homebuilders slumped because the bill would reduce the amount of interest Americans can deduct on new mortgages. That could hurt home sales, particularly in high-cost areas.

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