Explain. First we start off with a big onetwo byun punch that took stocks down, blame it on first the feds and Major Development on capitol hill. For more on that story, we go to john harwood. Mellissa, we had up with of those moments today when the markets suddenly recognized something that had been fairly obvious from political events here in walk for some time. It came when the House Speaker paul ryan said this. We will need more time to do tax reform. The house has a plan t. Senate doesnt quite have one yet. Theyre working on one. The white house nailed it down. Even the three entities arent on the same page yet on tax reform. Now, heres how we got to this point. Remember back in february when President Trump was just newly in office, and he said he was going to come out with a tax reform plan within a couple of weeks . Well, that never happened. Subsequently the house said, well, we dont think theyre going to use theyre not going to have their own plan. Were going to use our own p
263,000 jobs, that caused the averages to roar higher for most of the day. But then the Federal Reserve threw cold water on the whole market. Yep, when the fed minutes from a month ago were released, we saw that they talked not about the economy being strong, but about stocks being too strong, it was almost as if the fed was saying that the stocks had gotten ahead of themselves so they had to take away the punch bowl with some stock bad mouthing. Paul ryan came out and said that tax reform will take longer than health care. Whats longer than never . Put it all together and the averages only went into a tail spin, erasing our earlier gain, causing the dow to close down 41 points while s p lost. 31 and the nasdaq sank. 58 . The fed signaled that maybe things arent as great as the bulls may think, which sent markets plummeting. Thats why i have to stress displadi discipline. At 1 59 at the top of the session, it went on for about five minutes, it looked pretty frosty. Since we have got th