Smaller companies, for example, were supposed to be big winners if USA tax rates dropped because they tend to do more of their business domestically, and they do not have the armies of accountants that big multinational corporations use to lower their tax bills.
Shares of Archer Daniels Midland climbed after the United States agricultural merchant reported better-than-expected earnings, bolstered by margins on sweetener and starches as well as on corn ethanol.
MSCI's gauge of stocks across the globe was just below an all-time peak.
USA equities and stock exchange traded funds strengthened in July and experienced one of their best months since February as a strong corporate earnings season helped maintain the momentum in the ongoing bull market.
"We think they are going to take 9-12 months to get out of the market but that is a big question.it could even be six months", he added.
Data showed USA private employers added 178 000 jobs in July, after adding 191 000 jobs in June. Parsec Financial Management Inc. now owns 1,165 shares of the company's stock valued at $248,000 after buying an additional 5 shares during the period. The world's most valuable company is bracing for volatility amid reports that the iPhone 8 will be delayed by several months. Apple shares jumped almost 6% to a record $159 (£120).
The wider S&P 500 index was essentially flat at 2,476.93. Taiwan-based contract manufacturer Foxconn Technology Co., which assembles Apple's iPhones, climbed 2.2 percent. Nasdaq posted the slightest performance among USA indices, down 0.42% to 6348.12 points.
WALL STREET: U.S. stocks finished higher on Tuesday.
Julian Emanuel, executive director at USA equity and derivatives strategy at UBS in NY, said the weakness of the S&P 500 and Nasdaq on Wednesday versus the strength of Apple shares showed an "underlying fatigue in the rally".
Aug 2 (Reuters) - The Dow breached the 22,000 mark briefly in early trading on Wednesday, powered by Apple's stellar results, before stocks retreated sharply across sectors as investors locked in gains.
In economic news, pending home sales rose 1.5 percent in June.
The U.S. Energy Information Administration will release weekly data on crude inventories at 10:30 a.m.
Asian markets closed higher: Tokyo's Nikkei added 0.3 per cent, Hong Kong's Hang Seng rose 0.8 per cent, and China's Shanghai Composite lifted 0.6 per cent. It dropped 94 cents, or 1.8 percent, to finish at $51.78 a barrel on Tuesday. It was aided by gains on a softer yen which saw it creep to 110.80. The euro strengthened to $1.1808 from $1.1802.