Shares of telecommunications companies recouped a modicum of their recent losses after the tax bill passed Congress. AT&T shares rose after the giant carrier said it plans to boost capital spending by $1 billion and pay out more than $200 million in employee bonuses, once the tax bill approved by Congress is signed into law. The tax bill will lighten tax bills for corporations, particularly for those corporations with a largely domestic focus, such as AT&T. Investors have rotated out of defensive sectors and into cyclical ones that stand to gain more from tax cuts and economic stimulus.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
December 20, 2017 16:50 ET (21:50 GMT)