Stock Closed Fractionally Lower afters Trump’s Tax Proposal

U.S. stocks closed fractionally lower on Wednesday, retreating from intraday highs after an outline of President Donald Trump’s tax plan was seen as light on detail. The Dow Jones Industrial Average fell 21.03 points, or 0.10%, to 20,975.09. The S&P 500 was down 1.16 points, or 0.05%, to 2,387.45. The Nasdaq Composite was off 0.27 point, to 6,025.23.

President Donald Trump called for deep reductions in business tax rates and major changes to the individual tax system in a bid to reinvigorate his economic and legislative agenda as he nears the 100-day mark of his presidency.

Oil futures settled on a mixed note, with U.S. prices scoring slight gain but Brent ending lower, after U.S. government data revealed that crude supplies fell a third week in a row, booking the largest weekly drop of 2017. June West Texas Intermediate crude tacked on 6 cents, or 0.1%, to settle at $49.62 a barrel. June Brent crude finished at $51.82 a barrel, down 28 cents, or 0.5%.

Amgen Inc. (AMGN) reported a double-digit sales decline of its blockbuster drug. Amgen reported its first-quarter earnings rose to $2.07 billion, or $2.79 a share, from $1.9 billion, or $2.50 a share, a year earlier. Revenue slipped 1% to $5.46 billion.