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Melt away. All three major averages were at record highs early in the session. The russell 2000 late the declines. 5 . Caps down with the catalyst for this pullback today . What was the catalyst for gains earlier in the session . We did have earnings reports that came in stronger than estimated that there has been this continuing momentum trade where we just see more and more traders piling on including more participation from retail investors. Now it seems that is turning at least for the moment as we head towards the close of todays session. I noticed the 10 year yield. Earlier in the session we had seen it lower. Only by a small amount. Now we are seeing it unchanged. At one point it has been up slightly. A little bit of rejiggering in today in the major averages and other assets as well. At the groupsook on the move and was responsible for the pullback. We have real estate that has been strong throughout the session. Positive analyst commentary on the tower operators has sealed tha ....
In the business section, you lay out graphic. Megan we took a close look at the house plan. It is a serious attempts to implement major changes to the u. S. Tax structure. But also there is so much at stake politically. It is fascinating that a year after the election, we are now getting to what republicans universally say is the real thing that they have to get, tax reform. When anyone tries to get this done, there is a reason why it has failed in the past. The u. S. Tax code is so complex and there are so many vested industries and people and and special Interest Groups that relied on parts of the tax code that in a normal, intelligence and stem you would not have him back. What is fascinating about the house tax plan is how much that it raises the deficit which has long been anathema for republicans. But also to make the numbers work, how much they look at smaller, limited parts of the code that will make a difference. Julia i ....
Reform this week. In the business section, you lay out graphic. Megan we took a close look at the house plan. It is a serious attempt to implement major changes to the u. S. Tax structure. But also there is so much at stake politically. It is fascinating that a year after the election, we are now getting to what republicans universally say is the real thing that they have to get, tax reform. When anyone tries to get this done, there is a reason why it has failed in the past. The u. S. Tax code is so complex and there are so many vested industries and people and sectors and special Interest Groups that relied on parts of the tax code that in a normal, Intelligence System you would have not had in there. What is fascinating about the house tax plan is how much that it raises the deficit which has long been anathema for republicans. But also to make the numbers work, how m ....