NEW YORK (AP) - Stock indexes wobbled between modest gains and losses Wednesday, as the White House unveiled broad outlines of its plan to slash tax rates but left many of the details to be determined.
Anticipation for a big tax cut, along with looser regulations on businesses, have been two of the main drivers behind the stock market's surge since November, when Republicans swept into Washington. The White House delivered a big number Wednesday, when officials said they hope to cut the top corporate tax rate to 15 percent from 35 percent.
However, many specifics are still to be negotiated, such as how much it will affect the government's budget deficit, and they will need to be hammered out with Congress. That left investors questioning exactly how much benefit will flow through to corporate profits, and how much stock prices should climb beyond what they already have.
"Tax reform will be good, but a lot of that has already been priced into the market," said David MacEwen, co-chief investment officer for American Century Investments.
The Standard & Poor's 500 index slipped by 1.16 points, or less than 0.1 percent, to 2,387.45. It had briefly climbed above its record closing level of 2,395.96 earlier in the day, only to give up its gains in the last minutes of trading.
The Dow Jones industrial average lost 21.03 points, or 0.1 percent, to 20,975.09, and the Nasdaq composite slipped 0.27 points, or less than 0.1 percent, to 6,025.23. Stocks of smaller companies did better, with the Russell 2000 index of small-caps rising 8.35, or 0.6 percent, to 1,419.43.