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Market Snapshot: Stock market bulls wary of new-year hangover

The euphoria that took the U.S. stock market to all-time highs in December on great expectations for more fiscal spending and tax reforms following Donald Trump’s surprise presidential election victory is fizzling out and could make for soggy price action over the next few weeks, according to analysts.

“Taxable investors who wanted to sell their stockholdings have been waiting to do so in January to take advantage of possibly lower taxes. That kind of selling will result in pullbacks. Investors will also find out how much the Republican-controlled Congress can get Trump’s proposed reforms done,” said Diane Jaffee, senior portfolio manager at TCW.

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