U.S. Stocks Mixed, Dollar Lower on Tax Plan Detail: Markets Wrap
- Homebuilders routed on plan to cap mortgage interest deduction
- Powell set to be tapped for Fed, tax cut details expected
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U.S. stocks eked out a gain in the final half hour of trading, the dollar slumped and Treasuries advanced as investors reacted to details of the Republican plan to cut taxes.
The S&P 500 Index ended higher on the strength of gains in financial and real-estate shares that advanced amid a drop in 10-year Treasury yields. Investors parsed the tax plan details for winners and losers, giving a boost to small caps on speculation they will benefit most from a proposal to cut the corporate tax rate. The housing sector was walloped on changes to how mortgage interest will be treated.