The market popped out the gate on news the Senate passed the GOP Tax Bill, but pulled back on a sell-the-news reaction as the ultimate passage is a foregone conclusion.  There are arguments about the current and further impact of tax cuts and how much is already baked into the cake.

Tax cuts will only move the current economic revival into the next gear, so near-term market action should not be seen as an indictment.

Another sign the economy is clicking on all cylinders came from the oil patch that saw crude inventories down 6.5 million barrels to its lowest level since October 2015.  Moreover, America production climbed to an all-time record 9,789,000 barrels a day.

The House has officially passed the tax bill and all that is left is for President Trump to sign on the dotted line.  However, if he signs in 2017, several spending cuts would kick in.  If he waits till 2018, they would not take place till 2019.   

The Dow and S&P500 are slightly positive, while Nasdaq is in the green.  Energy, Financials, and Telecom are among the leaders today.  Advancers outpaced decliners 1626/12167 on the NYSE and 1542/1244 on the Nasdaq.

Existing home sales data was through the roof. I will have a detailed analysis in the morning report.