Dow lifted by talk of tax cuts 2.0, Nasdaq hit by tech testimony

By MarketsFOXBusiness

Markets on edge in autumn?

JMP Securities President Mark Lehmann on the state of the markets.

Stocks were mixed on Wednesday, with the Nasdaq under pressure as Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey answered questions from the Senate Intelligence Committee about their companies’ responses to how foreign governments use social media to spread political propaganda.

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The Dow Jones Industrial Average rose 22.51 points, or 0.09 percent, to 25,974.99. The S&P 500 edged 8.12 points lower to 2,888.60. The Nasdaq Composite dropped 96.07 points, or 1.19 percent, to 7,995.17.

Meanwhile, House Speaker Paul Ryan confirmed Wednesday that the House plans to bring Tax Cuts 2.0 (which will include making last year’s individual tax cuts permanent) to the floor this month.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES25891.32+8.07+0.03%
SP500S&P 5002779.76+4.16+0.15%
I:COMPNASDAQ COMPOSITE INDEX7486.7661+14.36+0.19%

Investors were also focused on trade, with negotiations resuming between the U.S. and Canada after the two countries failed to strike a deal last week.

Canada is determined not to back down on key issues despite threats from President Trump to retaliate. Trump arranged a side deal last week with Mexico and has even threatened to exclude Canada from the pact altogether.

Also, another round of duties are scheduled to be applied to Chinese goods on Thursday. The latest round were initially proposed at 10 percent, but President Trump directed U.S. Trade Representative Robert Lighthizer to consider raising them to 25 percent in response to Chinese retaliation.

FOX Business' Ken Martin contributed to this article.

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