Markets Right Now: Stock indexes end bumpy day mostly lower

AP News
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Posted: Mar 27, 2017 4:10 PM

The latest on developments in financial markets (All times local):

4:00 p.m.

U.S. stock indexes finished a bumpy day mostly lower as losses for phone companies and banks outweighed gains in health care stocks.

Major indexes clawed back some of the ground they lost in early Monday as investors worried that the defeat of the Republican-backed health care bill might make it tougher to pass business-friendly policies like tax reform.

The Standard & Poor's 500 index lost 2 points, or 0.1 percent, to 2,341. It was down almost 1 percent earlier.

The Dow Jones industrial average gave back 45 points, or 0.2 percent, to 20,550. The Nasdaq rose 11 points, or 0.2 percent, to 5,840.

About as many stocks rose as fell on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent.

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11:45 a.m.

Stocks dipped in midday trading as traders worried that the Trump White House may not be able to help businesses as much as once thought.

The defeat of the Republican-backed health care reform bill on Friday raised concerns that business-friendly policies like tax cuts and looser regulations may have a tougher time getting passed.

Banks and small-company stocks, which have outperformed the rest of the market since the election, went into reverse. Goldman Sachs gave up 1.6 percent Monday.

Bond prices rose, sending yields lower.

The Standard & Poor's 500 lost 8 points, or 0.3 percent, to 2,336, paring some of its earlier losses.

The Dow Jones industrial average gave back 80 points, or 0.4 percent, to 20,517. The Nasdaq composite declined 11 points, or 0.2 percent, to 5,817.

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9:35 a.m.

Banks and industrial companies are leading stocks lower on Wall Street in early trading.

Morgan Stanley lost 4.5 percent early Monday and copper miner Freeport-McMoRan slumped 5 percent.

Traders are worrying that the defeat of the Republican-backed health care reform bill last week will mean more difficulty getting tax cuts and other part of President Donald Trump's agenda passed.

The Standard & Poor's 500 lost 20 points, or 0.9 percent, to 2,323.

The Dow Jones industrial average gave back 161 points, or 0.8 percent, to 20,437. The Nasdaq composite declined 55 points, or 1 percent, to 5,773.

Small-company stocks fell more than the rest of the market.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.35 percent.