U.S. stock indexes notched a six-week low as markets opened for trading Monday morning, after President Donald Trump and Republican leadership announced they were pulling the American Health Care Act Friday afternoon.
The decision to pull the bill just hours before it was scheduled for a vote on the House floor marked a decisive end to a contentious, but otherwise action-packed week on Capitol Hill, which tested both the new administration and Republican leadership’s ability to drive major legislation through Congress. (RELATED: Sanders: ‘Of Course, Obamacare Has Serious Problems’)
Bank and financial stocks were taking a serious hit Monday morning, departing from a near three month long trend of posting historic gains since Trump defeated former Secretary of State Hillary Clinton. Goldman Sachs was down over 4 percent, Bank of America was down 3.6 percent, and JP Morgan was down 2 percent in intraday trading Monday morning. Bank of America and JP Morgan were also the biggest drags on the S&P 500 Monday.
Another sign that investors are concerned following Friday’s health care flop is the state of the dollar. The U.S. benchmark currency, which has been on a tear, boosted by expectations of Trump’s promised tax cuts and infrastructure spending, hit its lowest value since Nov. 11.
Wall Street and financial experts will have their sites locked in on a series of speeches this week by Federal Reserve Bank officials, including Fed Chair Janet Yellen and Chicago Federal Reserve President Charles Evans.
Health care was the only major S&P 500 sector in the black early Monday afternoon.
The Dow is tracking to continue its eighth straight day of losses, which would mark the longest streak since 2011.
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