New York (CNN Business) Corporate America celebrated the first full year under the new tax law by rolling out a record-setting $1 trillion of stock buybacks. "A lot of the buybacks are because of the tax law. Not only did the tax law reduce the corporate rate, but it gave a big break to companies returning foreign profits. Corporate America has repurchased more than $4.3 trillion of its own stock since 2009, according to Yardeni Research. JPMorgan recently estimated $800 billion of buybacks next year on higher profits and further cash repatriation inspired by the tax law.

Source: CNN December 17, 2018 17:03 UTC