* Plan proposes 15 pct business tax rate -Steven Mnuchin
* Determined to get tax reform done this year -Mnuchin
* Indexes up: Dow 0.18 pct, S&P 0.21 pct, Nasdaq 0.11 pct
(Adds details on tax reform proposal)
By Yashaswini Swamynathan
April 26 U.S. stocks pared gains in midday
trading on Wednesday after the Trump administration outlined its
tax reform plan.
President Donald Trump on Wednesday proposed slashing the
U.S. tax rate on corporate and pass-through business profits to
15 percent from 35 percent or more.
The administration is determined to get the tax reform done
by this year, Treasury Secretary Steven Mnuchin said at press
The promise of a massive tax cut has been at the core of the
post-election rally, which has driven Wall Street's indexes to
record highs. However, the rally has stalled of late due to a
lack of clarity on Trump's policies and the failure of his
healthcare reform bill.
At 13:48 p.m. ET (1748 GMT), the Dow Jones industrial
average was up 38.02 points, or 0.18 percent, at
21,034.14, the S&P 500 was up 5.06 points, or 0.21
percent, at 2,393.67 and the Nasdaq Composite was up
6.52 points, or 0.11 percent, at 6,032.01.
Six of the 11 major S&P sectors were higher.
Among stocks, United Technologies rose 1.8 percent
and provided the biggest boost to the Dow, after reporting a
quarterly profit that beat expectations.
On the flip side, Boeing shares fell about 1 percent
and weighed on the Dow after the planemaker reported a decline
Procter & Gamble declined 2 percent after reporting
lower quarterly profit.
Advancing issues outnumbered decliners on the NYSE by 1,859
to 1,036, for a 1.79-to-1 ratio on the upside. On the Nasdaq,
1,790 issues rose and 1,005 fell for a 1.78-to-1 ratio favoring
The S&P 500 index showed 77 new 52-week highs and 2 new
lows, while the Nasdaq recorded 194 new highs and 19 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by