US stocks end lower as Trump signs tax cut into law

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NEW YORK, Dec 23, 2017 (BSS/AFP) – Wall Street stocks dipped Friday as President Donald Trump signed a long-awaited tax cut into law ahead of the Christmas holiday.

Trump moved up a bill signing originally slated for January to fulfill a promise to deliver tax cuts by Christmas. US stocks had risen to repeat records earlier in the month in anticipation of the measure, but began to sag this week as the proposal cleared the final hurdles in Washington.

“It’s a case of ‘buy the rumor, sell the news,'” said Quincy Krosby, chief market strategist at Prudential Annuities.

The Dow Jones Industrial Average dropped 0.1 percent to end the week at 24,754.06.

The broad-based S&P 500 dipped 0.1 percent to close at 2,683.34, and the tech-rich Nasdaq Composite Index also shed 0.1 percent to 6,959.96.

Dow member Nike lost 2.4 percent after reporting second-quarter profit fell nine percent to $767 million. The sports apparel and sneaker giant reported a drop in North American sales and cautioned that profit margins would be pressured in the upcoming quarter.

Biotech company Celgene shed 1.4 percent after disclosing disappointing results for a trial of its revlimid treatment for follicular lymphoma.

Long Island Iced Tea, which is renaming itself Long Blockchain Corp., sank 13.0 percent as some companies connected to cryptocurrencies fell with bitcoin prices.

Analysts reported low trading volume ahead of the Christmas holiday Monday when markets will be closed.

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