Publish date:

Midday Update: Stocks Waver as Wall Street Awaits Tax Bill Revote

Stocks traded mixed Wednesday.

Stocks were trading mixed about halfway through the session as Wall Street waited for a tax bill re-vote in the House. The Dow Jones Industrial Average was slightly up, the S&P 500 Index was close to flat and the Nasdaq traded lower.

Wall Street cheered the latest milestone passed on the road to enacting sweeping tax reform. In the early hours of Wednesday, the Senate passed the overhaul bill with a 51-48 vote along party lines. The House had first approved the version Tuesday, but the vote will have to be recast because of a procedural snag Senate rule-makers found. The House had voted 227 to 203, with no Democrats in support of the bill and 12 Republicans opposed.

Micron Technology Inc. (MU) - Get Micron Technology, Inc. (MU) Report stock gained over 3% Wednesday after the chipmaker posted better-than-expected earnings late Tuesday. Net sales for the company increased over 71% to $6.8 billion in the quarter that ended November 30.

TheStreet Recommends

General Mills Inc. (GIS) - Get General Mills, Inc. (GIS) Report stock also gained on a quarterly report Wednesday. The company said cereal and snack sales boosted its overall revenue, which was up 2% from last year. Earnings of 82 cents per share came in line with Wall Street's expectations.