Wall St. off lows as investors assess failed healthcare bill | Reuters
By Yashaswini Swamynathan U.S.
By Yashaswini Swamynathan
U.S. stocks came off session lows late Monday morning as investors picked up beaten-down stocks after Wall Street tumbled following the withdrawal of President Donald Trump's healthcare reform bill. However, the Dow is on track for an eight-day losing streak as the failed bill raised questions about Trump's ability to push through with his economic agenda.Wall Street has rallied since November on bets that Trump's campaign promises of tax cuts and deregulation would sail through a Congress controlled by Republicans."This is the block in the Jenga game that at least topples part of the tower, but it's not to say that the game is over," said Robert Pavlik, chief market strategist at Boston Private Wealth. "I think a pullback to 2,273 on the S&P 500, which is the 100-day moving average, is likely but it will not stay there. I think people will use this as a buying opportunity."
At 11:05 a.m. ET (1505 GMT), the Dow Jones Industrial Average .DJI was down 114.27 points, or 0.55 percent, at 20,482.45, the S&P 500 .SPX was down 9.99 points, or 0.43 percent, at 2,333.99 and the Nasdaq Composite .IXIC was down 18.86 points, or 0.32 percent, at 5,809.88.Financial stocks, which were the biggest beneficiaries of the post-election rally, were the worst hit. Bank of America (BAC.N) was down 1.8 percent and Morgan Stanley (MS.N) 3.7 percent.
Goldman Sachs (GS.N) fell 2.3 percent, shaving 35 points off the Dow. The S&P 500 financial index .SPSY was down 1.2 percent, far underperforming the other nine losers among the major S&P sectors.Shares of hospital operators, including HCA Holdings (HCA.N) and Tenet Healthcare (THC.N), rose on Monday, helping the S&P 500 healthcare sector .SPXHC to gain 0.2 percent.The dollar, which had found favor on the possibility of tax cuts and higher infrastructure spending, hit its lowest since Nov. 11, while prices of safe-haven gold shot up to one-month highs.
DuPont (DD.N) was up 0.7 percent and was the top stock on the Dow Jones Industrial Average after European regulators cleared its proposed merger with Dow Chemical (DOW.N). Dow Chemical was up 0.6 percent. Declining issues outnumbered advancers on the NYSE by 1,846 to 969. On the Nasdaq, 1,684 issues fell and 984 advanced.The S&P 500 index showed seven 52-week highs and six lows, while the Nasdaq recorded 28 new highs and 43 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
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By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.