Tech Rally Burns Out, Leaves Wall Street Lower<br />Lindsey Bell said that Sentiment still remains that tax reform will get done<br />and we will get a 20 percent tax rate, and that will boost earnings significantly,<br />(Reuters) - Wall Street fell on Tuesday as a technology rebound lost steam<br />and Walt Disney Co shares dipped, while investors assessed how a Republican U. S. tax overhaul would impact corporate earnings.<br />That put Senate Republicans on a collision course with Republicans in the U. S. House of Representatives, whose own tax bill repealed the corporate AMT<br />and who are already calling for the tax to be eliminated in the final legislation.<br />Such a tax rate cut could boost S&P 500 earnings next year by an extra 9 percent, Bell said.<br />The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers<br />and other stocks seen as likely to benefit the most from tax cuts promised by U. S. President Donald Trump.
