· The Dow Jones Industrial Average .DJI fell 138.19 points, or 0.59 percent, to close at 23,271.28 and the Nasdaq Composite .IXIC dropped 31.66 points, or 0.47percent, to 6,706.21.
The S&P 500 .SPX, down 0.3 percent before Johnson's remarks, ended the day down 0.55 percent at 2,564.62.
U.S. stocks fell on Wednesday as energy sector shares dropped for a fourth straight session, tracking crude prices, while a late run-up was thwarted by concerns over the passage of a tax revamp after Republican senators were critical of the proposal.
· Republican U.S. Senator Ron Johnson said he opposes his party’s Senate tax revamp proposal, the Wall Street Journal reported, while Senator Susan Collins, also a Republican, warned that some middle-income taxpayers could see tax cuts wiped out by higher health insurance premiums if the repeal of the Affordable Care Act’s mandate goes through with the tax bill.
Their comments leave the passage of the tax plan in limbo as the GOP cannot afford to lose more than two votes. Analysts have said the slashing of the corporate tax to 20 percent from its current 35 percent would likely be a boon for the stock market.
· A fall in commodity stocks and sustained profit-taking sent European shares to an eight-week low and their seventh straight session of losses on Wednesday, but Airbus rallied after winning a record plane deal.
· Asian equities shrugged off the softer lead from Wall Street to climb moderately higher on Thursday.
· The Nikkei 225 rose 0.52 percent to snap a six-day losing streak as financials, retailers and some tech names rose. Fast Retailing added 1.26 percent, Nikon gained 1.02 percent and SoftBank advanced 1.55 percent. Energy-related plays remained under pressure.
Reference: Reuters, CNBC
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