Concerns over the prospects for corporate tax cuts weighed on the markets Friday. Fred Katayama reports.
The timing over tax cuts ... too taxing for the markets Friday. The first weekly loss for the S&P and Dow in 9 weeks. Wall Street fell for a second straight session as investors grew concerned about the Senate Republicans' plan that would delay cutting the corporate tax rate by one year. Kevin Kelly of Kelly & Company: SOUNDBITE: KEVIN KELLY, MANAGING PARTNERS, KELLY & COMPANY, (ENGLISH) SAYING: "Tax concerns. We saw the Senate yesterday come out with plans that did not correspond well with the House plan so there's some worries that could the GOP get this done this year? You know they're always talking about December, but the differences are really spooking investors." Nordstrom shares dropped. The upscale retailer's quarterly sales at existing stores fell and missed expectations. But holiday shopping optmiism lifted other department store stocks like Macy's and Kohls. J.C. Penney also rose after reporting rising comparable sales that was double what Wall Street expected. Disney shares rose despite posting weak quarterly earnings. The movie studio said it'll price its new steraming service "substantially below" Netflix and create a new "Star Wars" trilogy. Other media stocks like Time Warner, News Corp, and Comcast also rallied. Nvidia shares jumped after the chipmaker issued a stronger-than-expected revenue forecast. In Europe, utilites and energy stocks pulled the markets lower.