U.S. stocks ticked lower on uncertainty over the feasibility of President Donald Trump's tax cuts. Roselle Chen reports.
U.S. stocks ticked lower as investors worried about President Donald Trump's tax cuts. Trump administration proposed to slash business tax rates by the end of this year. But it offered no specifics on how to pay for it without increasing the deficit. The dip in stocks came after two sessions of markets hitting record highs on upbeat corporate earnings. Chris Ailman, chief investment officer at CalSTRS (SOUNDBITE) CHRIS AILMAN, CHIEF INVESTMENT OFFICER, CALSTRS (ENGLISH) SAYING: "When the U.S. equity market runs like this, we take advantage of it, create some liquidity, and try and buy into some other when they're down a little bit." Among stocks, United Technologies rose after reporting a quarterly profit that beat expectations. On the flip side, Boeing fell after coming in with a decline in revenue. And also falling, Procter & Gamble, after reporting lower quarterly profit. European stocks got a kick from earnings. The CAC 40 hit a nine-year high building on gains from the recent vote in the presidential election.