Paul Ryan said Senate, Congress and the white house are not on the same page and an major tax reform will not come any time soon.
Signals from the Federal Reserve that it could change its bond investment policy this year The minutes also showed "some participants viewed equity prices as quite high relative to standard valuation measures."
After the recent failure of the Republicans' healthcare legislation reform bill some investors had hoped this would bring President Donald Trump's tax-cutting promise closer to reality.
"It seems like it was a combination of hawkish Fed minutes, disappointment about the pace of tax reform and a pullback in crude prices" that reversed the rally, according to Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
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