NEW YORK, Nov. 17 (Xinhua) -- U.S. stocks traded lower on Friday as traders looked into the tax reform progress in the government.
At midday, the Dow Jones Industrial Average lost 82.96 points, or 0.35 percent, to 23,375.40. The S&P 500 decreased 4.35 points, or 0.17 percent, to 2,581.29. The Nasdaq Composite Index was down 5.40 points, or 0.08 percent, to 6,787.89.
U.S. Treasury Secretary Steven Mnuchin said on Friday that he expects a Republican tax reform bill to be sent to U.S. President Donald Trump by Christmas this year, according to CNBC.
Mnuchin made his comments a day after the House Republicans passed a monumental bill to cut taxes on businesses and individuals. The Senate now has to vote on their tax plan.
"We're very excited about the timeline," Mnuchin said. "We're going to have the Senate, as soon as they get back from Thanksgiving, vote on the bill."
Market expectations of tax reform had sent U.S. stocks to record highs this year. However, the stocks declined amid investors' concerns that the reform couldn't be achieved by year-end.
In corporate news, shares of Tesla soared over 3 percent on Friday after the technology company unveiled two new vehicles, including Semi truck. Enditem
