Wall Street's main indexes dipped on Wednesday, pausing after recent record highs as both houses of Congress approved a long-anticipated tax overhaul. The Republican - controlled U.S. House of Representatives gave final approval to a sweeping tax bill, which will be the largest overhaul of the U.S. tax code in 30 years. The Senate had already voted in favour of the bill.
The proposed changes include cutting the corporate tax rate to 21 percent from 35 percent from Jan. 1, which could boost company earnings and pave the way for higher dividends and stock buybacks.
The S&P 500 has climbed about 4.5 percent since mid-November, led by a rally in sectors such as transport, banks and others that are expected to benefit the most from lower taxes.
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