Stocks resilient despite New York terror attack, tax reform delay

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Rep. King on NYC terror attack: These investigations can go on for quite a while

Rep. Peter King (R-NY) on the investigation into the terror attack in New York City.

U.S. stock indexes all hit intraday all-time highs in the first 15 minutes of trading on Wednesday. All three indexes remain higher, and the S&P 500 is on pace for its 50th record close since President Donald Trump took office.

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This comes despite a deadly terror attack in New York City, as investors focused on the continued stream of strong earnings and the upcoming tax reform legislation.

Tuesday afternoon, Sayfullo Saipov, a 29 year old Uzbek immigrant allegedly drove a rental truck into a crowd of pedestrians and cyclists in lower Manhattan, killing at least eight and injuring about 12.

According to reports, Saipov left a note in the truck used to carry out the attack saying it was done in the name of ISIS.

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House Republicans have delayed the release of their tax legislation by one day, to Thursday. This; however, isn’t a concern to investors as they are still cheering the potential for a corporate tax rate cut and other measures – which could boost the economy.

In a statement, House Ways and Means Committee Chairman Kevin Brady said “We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week,” the Republican lawmaker added.

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Meanwhile, it will be another busy day for corporate earnings with
the likes of Facebook (FB) and Tesla (TSLA) scheduled to release their latest results.