Stocks, Treasuries Down as House Votes on Tax Law: Markets Wrap
- Yen rises against dollar; crude, gold and copper all climb
- German bonds slip on hawkish ECB remarks; Mexican peso drops
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Treasuries slumped and U.S. stocks slid in pre-holiday period trading as Republicans staged the first key vote on a sweeping tax overhaul. The yen rose slightly versus the dollar.
The S&P 500 Index retreated for the first time in three days as the U.S. House of Representatives voted to approve the tax bill. But they’ll have to vote again Wednesday because the current draft doesn’t comply with Senate rules.