Tax Reform Gives Markets a Boost

Donald Trump is expected to make a speech on tax reform Wednesday.
By Tony Owusu ,

Markets were showing tepid growth Wednesday afternoon as anticipation of President Trump's tax reform speech in Indiana helped the Dow on its way to breaking a four-day losing streak.

The President's tax reform plan reportedly involves cutting the number of individual tax brackets down to 3 from 7 with the highest individual tax rate reaching 35% and the highest corporate tax rate set at 20%.

Financials were showing the most promise as JPMorgan Chase (JPM) - Get Report , Wells Fargo (WFC) - Get Report , Bank of America (BAC) - Get Report and Citi Group (C) - Get Report were all rising Wednesday afternoon.

Apple (AAPL) - Get Report shares were in the green Wednesday after famed insider Ming-Chi Kuo of KGI Securities published a note saying that reports of sluggish iPhone 8 sales are exaggerated. The phone debuted to mixed reviews last week.

Shares of Twitter (TWTR) - Get Report got a nice boost after the company debuted a tweak to its platform that allows users to expand the maximum character count of their posts to 280 from 140. The change has been talked about for some time. Now if we can only get an edit button.

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