Investing.com – US stocks closed mixed on Monday as a rotation from growth into value stocks led to a sell-off in tech offsetting positive sentiment which followed the Senate’s approval of tax bill.
Wall Street started the week on the front font as optimism over tax reform grew after U.S. senators passed a tax bill by a 51-49 vote, aimed at overhauling the U.S. tax system and boosting economic growth.
The Senate and the House of Representatives is expected to get talks underway this week to reconcile their respective bills.
The prospect of tax cuts, however, saw demand for tech stocks fade amid expectations that the potential tailwinds of tax cuts to the sector pale in comparison to that of other sectors such as energy.
On the economic front investors cheered data showing underlying strength in the U.S. economy, as factory orders for October topped expectations.
Factory goods orders fell 0.1% amid a drop in demand for both civilian and defense aircraft, the Commerce Department said on Monday. That was narrower than the 0.4% decline expected.
'Bulls and Bears' on Wall Street
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