US markets end lower but larger losses stymied by Trump tax plan hopes

Stocks in the US ended lower on Friday (21 April) but not as low as feared have after President Donald Trump said large tax cuts were coming in a reform plan to be unveiled soon.

The Dow, S&P 500 and Nasdaq all showed weekly gains - the first for three weeks.

The Dow Jones Industrial Average ended 0.15% down, or -30.95 points, to finish at 20,547.76; the S&P 500 ended 0.30% down, or -7.15 points, to finish at 2,348.69; and the Nasdaq went down 0.11%, or -6.26 points, to finish at 5,910.52.

General Electric and Verizon both saw losses during the session but the worst fall came from toymaker Mattel Inc., whose stocks fell 13.47% after much less than expected first-quarter sales.

Trump said that a tax reform plan would surface next week and include a "massive tax cut" for individuals and companies.

First-round election results in the French presidential election on Sunday are also expected to invoke a reaction in the markets when they open on Monday.

Stocks have calmed somewhat since the initial rally that preceded Trump's inauguration.

A sense that he does not have the ability to push his plans through Congress after the failed attempt at healthcare reform have cooled excitement over an administration thought to be heavily pro-business.