The major domestic equity indexes fell a bit on Wednesday, following two sessions of strong gains as corporate earnings were offset by uncertainty over the feasibility of a proposed business tax cut.

The proposal from the Trump administration slashes tax rates for businesses and on overseas corporate profits returned to the country. It offered no specifics on how it would be paid for without increasing the deficit.

The expectation of a corporate tax cut was partly behind the market rally since the November election. The market stalled over the last several weeks as the administration has failed to score a major legislative victory, Republican majorities in the House and Senate notwithstanding.

The S&P 500 traded above its record closing high throughout the day, however. Some analysts say even though tax reform would be a major boost to stocks, economic and earnings growth are enough to support current market levels.

Overall profits of S&P 500 companies are estimated to have risen 11.8 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.

The tax proposal includes a cut on so-called pass-through business taxes that would deliver a windfall to investors in master limited partnerships.

United Technologies rose 1.1 percent to $118.20 and provided the largest enhancement to the Dow after reporting a quarterly earnings number that exceeded expectations, due in part to higher sales in all four of its business units.

Meanwhile, Boeing saw its share price fall about 1 percent to $181.71 after the company reported a decline in revenue.

Approximately 7.33 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.44 billion share daily average over the last 20 sessions.

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