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U.K. blue-chip stocks pushed higher Monday, with bank shares taking part in broad-based gains seen as being set off by the passage of a tax overhaul package in the U.S. Senate. Meanwhile, the pound was sent on a roller-coaster ride after the U.K. and EU failed to reach an agreement on key Brexit issues at a lunch in Brussels, although they said progress has been made.
A global decline in technology stocks continued Tuesday in Asia, weighing on indexes in Japan and Taiwan. "Technology shares are suffering heavy selling pressure as investors are rotating out from the valuation-rich sector in an attempt to lock in profits" amid continuing U.S. tax-reform efforts, said Margaret Yang, a market analyst at CMC Markets.
The Dow closed at a record Monday as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the U.S. tax code. However, the S&P 500 and the Nasdaq finished lower as large-capitalization technology names took a beating.
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