• The Dow Jones Industrial Average .DJI rose 81.25 points, or 0.35 percent, to 23,516.26, the S&P 500 .SPX gained 0.49 points, or 0.02 percent, to 2,579.85 and the Nasdaq Composite .IXIC dropped 1.59 points, or 0.02 percent, to 6,714.94.
Wall Street’s Dow industrials climbed to a record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as investors assessed the long-awaited tax cut plan unveiled by U.S. President Donald Trump’s fellow Republicans.
The bill called for slashing the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for companies and individuals.
• While many market watchers have pointed to a corporate tax cut as further fuel for a record-setting run for equities, investors said the bill was just a starting point with significant negotiations likely ahead.
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• Asian shares rose in early trade on Friday after U.S. stocks closed mixed.
Investors digested the release of House Republicans' tax-reform plan and President Trump's nomination of Jerome Powell, Federal Reserve Governor, to be the next head of the central bank.
• South Korea's Kospi tacked on 0.22 percent as automakers notched gains: Hyundai Motor rose 1.88 percent and Kia Motors was up 0.71 percent. Tech stocks were mixed as several blue-chip names edged down on profit-taking, with Samsung Electronics falling 1.05 percent after announcing a record profit earlier this week.
• Markets in Japan are closed for Culture Day.
Reference: Reuters, CNBC
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