US stocks fell on Tuesday as excitement over the likelihood of a tax code revamp was offset by concern over its effect on years of monetary policy stimulus and the future of interest rates. The US House of Representatives approved the tax legislation in an afternoon vote. The Senate was expected to vote on the tax bill this evening. Republicans were confident of the bill being signed into law by the end of the week.
Stocks added to losses after the vote, which followed weeks of market gains on optimism that tax cuts would boost US earnings and the economy. Some investors also said that much of those benefits were already reflected in stock prices.
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