Business

Wall Street edges down after Trump tax plan

NYSE trader Image copyright Getty Images

US markets slid at the close after the Trump administration outlined its tax cut plan.

The Dow Jones Industrial Average closed down 20.68 points, or 0.10%, at 20,975.44, and the S&P 500 shaved off 1.16 points, or 0.05%, to 2,387.45

The Nasdaq Composite was down 6.52 0.27 points at 6,025.23.

The biggest mover on the Dow was Procter & Gamble, which fell nearly 2.5%.

The drugs giant reporting an 8.3% fall in third-quarter profit, caused by slowing consumer spending

President Donald Trump proposed slashing the US tax rate on corporate and pass-through business profits to 15% from 35% or more.

The administration is determined to get the tax reform done by this year, Treasury Secretary Steven Mnuchin said.

The promise of a massive tax cut has been at the core of the post-election rally, which has driven Wall Street's indexes to record highs.

However, the rally has stalled of late due to a lack of clarity on Trump's policies and the failure of his healthcare reform bill.