U.S. stocks end mixed after failed healthcare bill
2017-03-28 08:59:00

NEW YORK, March 27 -- U.S. stocks closed mixed Monday, with the Dow Jones Industrial Average extending its losing streak to an eighth straight day, after the House pulled a key healthcare bill ahead of a vote last Friday.

The Dow Jones Industrial Average fell 45.74 points, or 0.22 percent, to 20,550.98. The S&P 500 lost 2.39 points, or 0.10 percent, to 2,341.59. The Nasdaq Composite Index increased 11.64 points, or 0.20 percent, to 5,840.37.

House Republicans pulled their healthcare bill on Friday as they failed to get enough support for it, throwing the future of one of their top legislative priorities into serious doubt.

The House vote is crucial for U.S. President Donald Trump's agenda. Trump had said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction.

Analysts said there appears to be growing concerns that Trump's tax reform, infrastructure spending and deregulation may take longer to pass than initially thought.

"In the wake of Friday's healthcare debacle, Trump tweeted ironic congratulations to the Freedom Caucus for saving Obamacare and is reaching out to Democrats. Markets are shaken, to say the least, at the possible end of the Trump trade," said Chris Low, chief economist at FTN Financial, in a note.

There is no major economic report due Monday.

Overseas, European equities declined Monday. German benchmark DAX index at Frankfurt Stock Exchange inched down 0.57 percent, while British benchmark FTSE 100 Index dipped 0.59 percent.

In Asia, Chinese stocks also ended slightly lower Monday as analysts said liquidity pressure offset upbeat industrial profit data. The benchmark Shanghai Composite Index edged down 0.08 percent to 3,266.96 points.

Source:Xinhua Editor:Rose