Dow drops 200 points on report that Senate plan would delay tax cut until 2019


U.S. equities fell on Thursday, pulling back from record highs, on worries that tax reform could be delayed until 2019.

The Washington Post reported that a Senate Republican plan could push tax reform back to 2019.

“That’s what gave us this new leg down,” said Art Cashin, director of floor operations at UBS, on CNBC’s “Squawk Alley.” “There’s also some speculation in Washington circles that when the president finishes his trip and comes back, there may be some more legal troubles for members of the cabinet.”

The major indexes had recovered some of the losses from earlier in the session prior to the report’s release.

At 12:10 p.m. in New York, the Dow Jones industrial average traded 200 points lower, with McDonald’s as the biggest decliner; it fell 2.2 percent.

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