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Wall Street looks to close day slightly higher as technology leads

  • Apple and video game developers boost tech stocks.
  • Tax plan uncertainty continues to limit the upside.
  • The latest version of the bill is expected to be released on Thursday.

After starting the day lower, major equity indexes in the United States were able to pare their losses with the help of the robust performance of technology stocks.

The better-than-expected sales numbers of its new mobile phone, Apple shares gained 0.65% on the day. Moreover, fueled by a higher-than-expected revenue forecast for the 2017 holiday season, Take-Two Interactive Software, a triple-A video game developer, rose more than 10%, boosting other major developers' such as Electronic Arts and Activision Blizzard shares as well. Once again, the S&P 500 Information Technology Sector (SPLRCT) became the best performer of the day as it added 0.5%.

On the other hand, the S&P 500 Energy Sector (SPNY) fell 0.6% as crude oil prices faltered on a larger-than-expected crude oil inventory build-up in the U.S. The barrel of West Texas Intermediate settled 40 cents lower at $56.80.

In the meantime, news of the latest tax bill, which is going to be released on Thursday morning at 11:30 (EST), including significant differences from the original House GOP's plan, continues to keep investors on the edge. “It’s a complicated, messy affair to get a tax bill passed. There is going to be some give and take before we get a final tax package to be voted on,” Tim Dreiling, Regional investment Director for U.S. Bank Private Wealth Management, told Reuters on Wednesday.

Just before the closing bell, the Dow Jones Industrial Average was up 4.3 points, or 0.03% at 23,561.53 points, the S&P 500 was adding 3.5 points, or 0.14 percent, at 2,590.00, and the Nasdaq Composite was gaining 19 points, or 0.28%, at 6,786.74.

Headlines from the NA session

  • Watching for developments tax reform and President Trump’s trip in Asia - UOB
  • Senate Republicans to present new version of tax bill on Thursday morning - Politico
  • Trade Weighted USD to continue to decline - Wells Fargo
  • U.S. Senate Republican tax bill still on track for Thursday release - Reuters
  • US Tsy Sec. Mnuchin: Part of USD strength reflects US economy
  • US Tsy Sec. Mnuchin: Aim is to get tax bill to Pres. Trump in December
  • WTI tumbles to lows near $56.50 on EIA
  • EIA: US commercial crude oil inventories increased by 2.2 mln barrels

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