Profit taking hits top performing US stocks
Prospect of Senate delaying corporate tax cuts until 2019 weighs on markets
The S&P 500 is down 0.63% as of noon and the Dow Jones Industrial average is down 0.8%, as investors cash in top-performing names.
At the bottom of the performance tables today are Oracle (down almost 3%), Texas Instruments (down more than 2%, McDonalds (down almost 2%), and Paypal (down almost 2%). Paypal, of course, almost doubled in the past 12 months from a low of $38 to a high of almost $75, while McDonald’s rose ffrom $114 to $171.
High-fliers have to pull back some time, and the possibility that the Senate might delay the corporate tax cut to 2019 was a good reason to lock in profits.