The KUIK Morning Market Report for Monday, December 18:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
194
points
24,846
7:19 AM
S&P500
Up
0.7%
percent
2,693
2.55
Nasdaq Composite
Up
0.8%
percent
6,992
(0.72)
30 Year Treasury
Up
2
Basis Points
2.71
Annual Yield
Republican Senator John McCain will return home to Arizona and miss the vote on the final tax bill this week. The House is expected to take up the bill on Tuesday. Republicans seem to have the votes they need for passage after two holdouts, Sens. Bob Corker of Tennessee and Marco Rubio of Florida, pledged their support last week. McCain was hospitalized due to side effects from chemotherapy.
The tax bill was released late last Friday. It will keep seven individual tax brackets; lower the corporate rate to 21% from 35%; and double the child tax credit to $2,000. The refundable portion of the child credit would be $1,400 — up from $1,100 in the Senate-passed bill. That’s what persuaded Marco Rubio to back the new bill. The bill also takes an axe to Obamacare by repealing its mandate for individuals to have health insurance or pay a fine and doubles the exemption for the estate tax, currently at $5.49 million for individuals and $10.98 million for married couples.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
