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S & P 500 publishes the first 3-day losing streak since August



  Operator Peter Tuchman works on the floor of the New York Stock Exchange (NYSE) while the Dow Jones Industrial Average crosses 24,000, in New York, United States, on November 30, 2017.

Brendan McDermid | Reuters

Operator Peter Tuchman works on the floor of the New York Stock Exchange (NYSE) while the Dow Jones Industrial Average crosses 24,000 in New York, USA. US, On November 30, 2017.

The Senate passed a key law over the weekend that brought Republicans closer to reviewing the corporate tax system and significantly reduced corporate taxes.

"What we saw was that the market moved towards stocks that clearly benefit from lower corporate taxes," said Quincy Krosby, chief market strategist at Prudential Financial.

Finance, meanwhile, has risen more than 3 percent in the last week. In theory, the proposed changes would help banks and finance more than technology companies, since they currently pay a higher effective tax rate.

"It seems that since we entered December, there was some reassignment in the market." said Daniel Deming, CEO of KKM Financial. "There seems to be a lot of turmoil under what is a fairly quiet surface."

Investors also looked forward to a possible closure of the government. If Congress fails to reach an agreement on public spending before the weekend, the federal government could close until an agreement is reached.

In corporate news, Snap shares rose 10.1 percent after Barclays said social networks could affect "tipping point" in 2018.

McDonald's shares gained 1, 4 percent to lead the Dow after Jefferies raised it to buy on hold. In a note to clients, they said that McDonald's data and technology use should attract a higher multiple over time and generate higher profits.

Disney fell nearly 3 percent after CNBC's David Faber reported that he was close to buying the key assets of 21st Century Fox.


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