Shares of manufacturing and transportation companies ticked up after the House of Representatives voted to support the latest version of the tax bill. House Republicans voted overwhelmingly for a $1.5 trillion tax cut and the largest structural overhaul of the tax system since 1986. "We expect the tax reform legislation agreed upon in conference to provide a modest boost to stock prices, primarily driven by higher corporate earnings," said analysts at brokerage Barclays, in a research note. "Among US sectors, Consumer Staples, Financials and Industrials appear to be the biggest beneficiaries given they are more domestically-focused and pay high effective tax rates currently while Technology and Healthcare stocks, with substantial foreign cash and intellectual property, will likely have the least benefit from tax reform legislation." Oil-and-gas services concern McDermott International and manufacturer Chicago Bridge & Iron plan to merge into a company with $10 billion in sales. Truck maker Navistar rallied after it reported sales ahead of analysts' expectations.
-Rob Curran, firstname.lastname@example.org
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(END) Dow Jones Newswires
December 19, 2017 16:59 ET (21:59 GMT)