Wall Street Finishes in the Red as Tax Reform Concerns Weigh




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Summary: Stocks reversed earlier gains by the closing bell on Thursday as tax reform concerns returned to the very forefront of investors' minds. Stocks had earlier traded higher, but around early afternoon, investor sentiment reversed. Florida Senator Marco Rubio tweeted that he will not vote in favor of the GOP tax bill unless tax credits for the working poor are expanded. Votes from Bob Corker of Nevada, Rand Paul from Kentucky and Arizona's John McCain all remain in limbo as well. Legislators are expected to vote on the measure next week. Wall Street remains largely hopeful a tax bill will get to President Trump's desk before the holiday recess. And also out of Washington, the FCC has voted to repeal Obama-era rules on net neutrality. The 3-2 vote along party lines came after a fierce public debate that lasted several months. Now, internet service providers have control over customers' internet access, including what they can see and how fast they can see it. While many were very vocally against repealing net neutrality, it's considered a win for the likes of Comcast or Verizon.