Stocks Slide, Dollar Gains as Taxes Take Focus: Markets Wrap
- ‘Tax reform is the number one thing on everybody’s minds’
- Gulf shares slump, oil retreats as Saudi turmoil continues
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Stocks fell while the dollar strengthened and Treasuries nudged higher as investors turned their attention to fiscal policy, with tax writers from the House of Representatives expected to hammer out their plan this week.
The S&P 500 Index drifted lower, led by financial companies, which were the worst performing group in the gauge. The Stoxx Europe 600 Index slipped, erasing an earlier advance, but remained close to an all-time high. The Nikkei 225 Stock Average climbed to a level last seen more than 25 years ago.