* All three major indexes post weekly losses
* Walt Disney gains; top boost on the Dow
* Nvidia rises as revenue forecast tops estimates
* Indexes end: Dow -0.17 pct, S&P 500 -0.09 pct, Nasdaq +.01
(Updates to close)
By Noel Randewich
Nov 10 (Reuters) - Wall Street ended marginally lower on
Friday, with losses in Intel and Apple as investors worried
about the future of promised corporate tax cuts following
dueling plans unveiled by Republican lawmakers.
The S&P 500 and the Dow Jones Industrial Average ended the
week lower for the first time in nine weeks.
U.S. Senate Republicans released a tax plan on Thursday that
differed from a version put forth by the House of
Representatives on several key fronts, including putting off
corporate tax cuts for a year.
Expectations of lower taxes, one of President Donald Trump's
key campaign promises, have helped drive the S&P 500 up 20
percent since the 2016 presidential election.
Failure to cut corporate taxes would increase concerns about
Trump's ability to pass legislation and could shake markets that
have been banking on lower tax rates to boost company earnings.
The S&P 500 on Friday stood at 18.1 times expected earnings,
the highest since 2004, according to Thomson Reuters Datastream.
Arrow Funds Director of Research John Serrapere put the
chances of successfully passing meaningful tax cuts at 50
percent, and he warned that failing could trigger a correction
of as much as 15 percent in stocks.
"There's not a lot of confidence. I'm not pessimistic, but
there are a lot of pieces that need to be put together,"
The Dow fell 0.17 percent to end at 23,422.21, while
the S&P 500 slipped 0.09 percent to 2,582.3.
The Nasdaq Composite edged up 0.01 percent to
For the week, the Dow lost 0.5 percent and the S&P 500
slipped 0.21 percent. The Nasdaq gave up 0.2 percent for the
week, snapping six weeks of weekly gains.
Intel fell 1.55 percent and Apple lost
0.33 percent, both accounting more than any other companies for
the S&P 500's decline.
Seven of the 11 major S&P sectors fell, with the energy
index's 0.81 percent dip leading the decliners as oil
Nvidia jumped 5.27 percent and hit a record high
after the chipmaker's revenue forecast for the current quarter
A rise in media stocks also helped limit the slide.
Disney rose 2.05 percent as the promise of a new
"Star Wars" trilogy overshadowed its weak quarterly results.
Time Warner Inc jumped 4.08 percent while News Corp
climbed 5.15 percent.
Declining issues outnumbered advancing ones on the NYSE by a
1.31-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored advancers.
About 6.4 billion shares changed hands on U.S. exchanges,
below the 6.6 billion daily average over the last 20 sessions.
(Reporting by Tanya Agrawal and Sweta Singh; Editing by Savio
D'Souza and James Dalgleish)
First Published: 2017-11-10 00:42:58
Updated 2017-11-10 23:23:57
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