Stocks are down for a second straight session. Investors are anxious about a possible delay in corporate tax cuts. Yesterday the Senate Finance Committee released its draft tax bill, which differed from the House Republicans’ plan. A key diffence is a proposal to defering a cut in corporate tax to a 20% rate until 2019, rather than next year as in the House plan. The two versions will be further negotiated before the final vote, and investors are losing faith that the bill will be passed anytime soon.
Bitcoin is off 4.5% to $6,784 , while its rival Ether tokens, on the Ethereum blockchain, are down 3.5% to at $309 on the day, according to digital-currency site CoinDesk.com. The downturn for the popular virtual currencies comes after a closely watched plan that would have created a new version of bitcoin, increasing its block size to 2 megabytes from 1MB, was suspended due to a lack of consensus among key market participants. The increase would have resulted in two versions of bitcoin, with owners of core blockchain receiving an equal mount of the alternative. Speculators had been purchasing bitcoin in the hopes of gaining more digital assets of value as a sort of dividend.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.