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we ll talk about that coming up. speaking of taxes, coca cola ceo tells cnbc what he would do with a corporate tax cut we ll have all of those details coming up. then there s best buy, it s sitting out the rally today. down pretty sharply. in fact, it s off the lows right now. less than 4% decline is the iphone to blame, iphone x to blame we have a debate on best buy coming up here. we begin, though, with the breaking news. stocks hitting session highs as the house passes the tax bill. ylan mui, our intrepid reporter on capitol hill has the latest for us right now ylan reporter: bill, that final tally is 227-205, that is a comfortable margin of victory for republicans. they said they were going to get this done by thanksgiving. no one really believed them. they were able to pull it off. republican leadership held a press conference to celebrate. from the very start, we said that failure is not an option and the president and his team have worked so constructiv ....
the issues that have powered so much of this year s rally. today the dow jones industrial e advan 187 points to 23,458. nasdaq up 87 points to close at a record. and the s&p 500 added 21. our bob pisani has more on what took stocks higher. reporter: stocks rallied big time today, reversing six straight down days. what happened? first, washington did something. the house passed its version of a tax reform version. the senate still has to act but any progress on tax reform say cause to celebrate. walmart and cisco had big earnings beats. procter & gamble moved up because nelson peltz finally appears to have won a seat on the board. high yield bonds turned around. the high yields markets often considered a proxy for investor willingness to take risks. that market has been weak for a couple of weeks now. the weakness has been in telecom companies which have faced difficult times. once they stopped dropping, high yield markets started to stabilize. i m bob pisani at the ne ....
house. power lunch starts right now welcome everybody to power lunch. when i buy, it is the peak when i sell it is the bottom. that s my life story stocks, they are down this hour. the dow and s&p 500 both on trek for a second straight down week, but the nasdaq is on pace to finish the week higher watch the bond market, folks yields on the two-year treasury note hitting the beginning of the financial crisis a 1.71%. check out the etf that tracks energy we are on pace now for the first week in more than a year big moves in retail to tell you about. abercrombie & fitch up 25% on earnings ross is up 10% footlocker up 25% on its earnings more on that ahead the death of retail may be exaggerated. we re watching apple, the tech giant delaying a key launch of a crucial holiday product. more on this coming up melissa? ty, i m melissa lee twenty-first century fox is reporting that verizon is also reported in acquiring them disney was interested in buying assets now it ....
stitch fix is having its first trading day doing, well let s see, it started out higher it did dip below the $15 ipo price. it s just above that level right now. does the subscription service have ha what it takes to take on amazon a you know there are 2,000 companies in the same business essentially. i m shocked that it s that high, actually. birch box does makeup, and my favorite is the one called bark box for your dog they send treats and other fun things each month. sounds like it s right up your alley i guess president trump said that he was focused on fair and reciprocal trade in asia during his trip overseas. larry kudlow is going to weigh in on what that could mean for wall street. and whether investors should be concerned. larry s not real he s not exactly seeing eye to eye with the president on trade issues ri right now. that s for sure. we begin today with media merger talks heating up, sources saying comcast and 21st century fox, some of fo ....
market, which some say is raising concerns about economic growth. today when all was said and done, the dow jones industrial fell 100 points to 23,358. the nasdaq fell ten and the s&p 500 dropped six. for the week, the dow and the s&p 500 reported their first two-week losing streak since august. the nasdaq, though, was higher. with tax reform on the minds of investors, the senate finance comme voted along strict party lines late last night to advance the gop proposal. but a heated exchange erupted at the end of the hearing with ohio democrat sherrod brown and utah republican orrin hatch, the chairman, arguing over who really benefits. this tax cut is really not for the middle class. it s for the rich. the whole thing about higher wages, we know companies don t give away higher wages. just because they have more money. corporations are sitting on a lot of money now, they re sitting on a lot of profits now, i don t see wages going up. spare us the bank shots, spare us ....