President Donald Trump signed Republicans’ massive $1.5-trillion tax overhaul into law on Friday and also approved a short-term spending bill that averts a possible government shutdown.
The Dow Jones Industrial Average fell 28.23 points, or 0.11 percent, to 24,754.06, the S&P 500 lost 1.23 points, or 0.05 percent, to 2,683.34 and the Nasdaq Composite dropped 5.40 points, or 0.08 percent, to 6,959.96.
For the week, the Dow rose 0.42 percent, the S&P gained 0.29 percent and the Nasdaq added 0.34 percent.
Wildly volatile bitcoin <BTC=BTSP> plunged below $12,000, losing around a third of its market value in five days, before rebounding to above $14,000. Companies that have been riding the bitcoin wave were hit hard by the cryptocurrency’s slump.
Long Blockchain Corp, Overstock.com Inc, Riot Blockchain Inc and Marathon Patent Group Inc tumbled between 2 percent and 15 percent. But even with Friday’s losses, their share prices are higher now than before the companies ventured into bitcoin.
Data on Friday showed U.S. consumer spending went up in November and shipments of key capital goods orders increased for the 10th straight month, confirming strong economic momentum.
The benchmark S&P has climbed about 20 percent this year and is on track for its best performance since 2013 on solid corporate earnings, strong economic fundamentals, upcoming cuts to corporate tax rates and hopes of looser regulations.
Real estate led the S&P 500 in gains, with a 0.7 percent rise. Health was the biggest decliner, falling 0.3 percent.
Celgene Corp shares fell 1.4 percent after the company’s follicular lymphoma regimen failed in a clinical trial.
Advancing issues outnumbered declining ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored decliners.
Volume on U.S. exchanges was 4.81 billion shares, compared to the 6.98 billion average for the full session over the last 20 trading days.
(Additional reporting by Sruthi Shankar in Bengaluru; Editing by Lisa Shumaker and Nick Zieminski)
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