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BUSINESS A25
Saturday 30 December 2017
US stocks mount milestone-shattering run in 2017
By ALEX VEIGA Trump administration’s and A logo for the New York Stock Exchange is displayed above the trading floor. Wall Street delivered
AP Business Writer Republican-led Congress’ big gains and shattered stock market records in 2017 as a global economic rebound, strong
Taken a look at your stock push to slash corporate company earnings growth and the GOP-led push to slash corporate taxes and enact other pro-
portfolio lately? It’s a good taxes, roll back regula- business policies encouraged investors to keep buying stocks even as share prices climbed ever
bet it’s racked up solid tions and enact other pro- higher.
gains for the year. business policies. Congress
Wall Street has taken passed the $1.5 trillion tax (AP Photo/Mark Lennihan)
stock investors on a mostly overhaul bill, which reduc-
smooth, record-shattering es corporate taxes from 35 heavy index blew past the gained 13.1 percent. this year than in 2016.
ride in 2017. The major stock percent to 21 percent, last 6,000-point mark for the first The market’s gains have In Europe, Britain’s market
indexes made double-digit week. time in April. been broad, with seven of closed the year with a gain
gains for the year, led by The S&P 500 index finished Small-company stocks, the 11 sectors in the S&P of 7.6 percent. Indexes in
Apple, Facebook and oth- the year with a gain of 19.4 which trounced the rest of 500 closing in on double- Germany and France fin-
er technology stocks. percent, more than double the market in 2016, got a digit gains, led by technol- ished 2017 with gains of
The Standard & Poor’s 500 its increase in 2016. The in- boost this year as investors ogy, which soared 36.9 per- 12.5 percent and 9.3 per-
index, the broadest mea- dex has notched 62 record bet that the companies cent. Only energy stocks cent, respectively. Japan’s
sure of the stock market, highs so far this year. would be big beneficia- and phone companies Nikkei and Hong Kong’s
had its best year since 2013. Including dividends, the ries of a corporate tax cut took losses for the year. benchmark index notched
“This would go in the cat- S&P 500’s total return is on bill. The Russell 2000 index For the most part, markets gains of 19.1 percent and
egory of stellar year, with pace to be 22.5 percent. of smaller-company stocks overseas also fared better 36 percent, respectively.q
very little volatility in the That means if you invested
market and pullbacks that $1,000 in an S&P 500 index
were essentially minor,” fund at the beginning of
said Quincy Krosby, chief the year you’d wind up
market strategist at Pruden- with about $1,225 at the
tial Financial. end of the year.
Several factors kept the Other major market in-
market on an upward grind dexes also were on course
for most of the year and to deliver solid gains. The
repeatedly drove stock Dow Jones industrial aver-
indexes to all-time highs. age gained 25.1 percent.
The global economy re- The 30-company average
bounded, while the U.S. set 71 all-time highs as it
economy and job market sped from just under 20,000
continued to strengthen, points to past the 24,000
which helped drive strong mark.
corporate earnings growth. The Nasdaq composite did
Investors also drew en- even better and climbed
couragement from the 28.2 percent. The tech-
Goldman Sachs expects $5 billion hit from tax overhaul in 4Q
panies to release details related to changes in repa- money returned to the U.S.
on how changes in the triation taxes, when funds — 15.5 percent for earnings
tax code will affect how are returned from overseas. held in cash or other liquid
money parked overseas The new tax overhaul im- assets and 8 percent for
is handled. The bank said poses a discounted one- earnings held in harder-to-
two-thirds of the $5 billion is time levy on overseas sell assets. q
The logo for Goldman Sachs FOR SALE
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Info email:
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NEW YORK (AP) — Gold- ________________________________208877
man Sachs expects to take
a $5 billion hit to profits for
the fourth quarter and year
because of the tax over-
haul signed into law last
week. As a result, the New
York bank will likely report
a loss for the last quarter
of 2017. But Goldman and
other banks will be among
the largest beneficiaries of
the new tax code.
Goldman on Friday be-
came one of the first com-
