Stocks resilient despite New York terror attack, tax reform delay

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.

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.

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.

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