Wall Street ended the week on a sour note Friday. As Fred Katayama reports, investors weighed the fate of the Republican's tax overhaul plan.
U.S. stocks gave back ground Friday amid skepticism over the Republicans' efforts to pass the tax bill. Dragging the S&P 500 lower: utilities and consumer staples stocks. For the week, Wall Street lost ground. Mercadien Asset Management president Ken Kamen: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "People are cautiously optimistic that something's going to get done. But the investing class is saying well maybe the tax breaks aren't coming for us. So that's my point about the market being kind of being potentially pre-euphoric." Rivals on the prowl for Fox. Shares of Twenty-First Century Fox rose after sources said Comcast and Verizon are interested in buying parts of the media giant's assets. Retail rally. Abercrombie & Fitch's established store sales rose after years of declines. That, along with Gap's same-store sales, crushed analysts' estimates. Shares of sports retailers like Foot Locker and Nike also joined in the party. In Europe, analysts downgrades and disappointing earnings pulled big indexes into the red.