MARKET SNAPSHOT: Stock Market Logs Worst Weekly Loss In Months As House Scraps Health Bill
24 Marzo 2017 - 9:59PM
Dow Jones News
By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
Financials see biggest weekly decline since January 2016
Stocks closed mostly lower, with major indexes posting the
biggest weekly losses in months, as House Republican pulled a
controversial health-care bill from consideration after failing to
secure enough votes to pass it.
The failure to achieve passage raises concerns about the outlook
for corporate tax cuts and other elements of President Donald
Trump's agenda, which analysts said was the reason for weakness in
capital markets over the past week.
Read:Here's why financial markets are obsessed with the
health-care vote
(http://www.marketwatch.com/story/what-traders-are-watching-as-health-care-vote-looms-2017-03-23)
"At a time when the S&P 500 is trading above its fair value
if you consider a forecast of $130 earnings per share on a 17-times
multiple, Wall Street would really like to be reassured about the
tax reforms," said Kim Caughey Forrest, senior analyst and
portfolio manager at Fort Pitt Capital Group.
The S&P 500 index closed 1.98 points, or 0.1%, lower at
2,343.98, with six of the 11 main sectors finishing in negative
territory. Over the week, the benchmark index lost 1.4%, its
biggest decline since November. Financials sector suffered a 3.8%
loss over the week, its largest decline since January 2016.
Also read:Stock-market volatility threatens to make glorious
return
(http://www.marketwatch.com/story/stock-markets-old-friend-volatility-threatening-to-make-a-glorious-return-2017-03-24)
The Dow Jones Industrial Average dropped 59.86 points, or 0.3%,
to 20,596.72. Goldman Sachs Group Inc. (GS) weighed on the
blue-chip gauge, down 1.5%. The index fell 1.5% over the week, its
steepest decline since September.
See:Health-care bill pulled after Republican disagreement: live
blog and video
(http://blogs.marketwatch.com/capitolreport/2017/03/24/health-care-bill-heads-for-vote-in-house-live-blog-and-video/)
The tech-heavy Nasdaq Composite Index eked out a small gain,
rising 11.04 points, or 0.2%, to 5,838.74, but logged a 1.2% weekly
loss, its largest since December.
Kate Warne, investment strategist at Edward Jones, said the
"inability of the Congress to pass the health-care bill would send
a signal that other policies, such as tax reforms may be delayed
too. The weakness over the past week is a reflection of such
concerns."
Stocks to watch: Shares of Micron Technology Inc.(MU) jumped
7.4% after guidance for the current quarter exceeded analysts'
estimates late Thursday.
Read:Micron profits from memory shortage, expects party to
continue
(http://www.marketwatch.com/story/micron-profits-from-memory-price-spike-expects-party-to-continue-2017-03-23)
Twitter Inc. (TWTR) rose 1.4% after a report the online news and
social-networking service is exploring a subscription-based premium
service for professionals
(Twitter%20Inc.%20is%20exploring%20a%20subscription-based%20premium%20service%20for%20professionals,%20which%20could%20create%20an%20important%20new%20revenue%20stream%20for%20the%20beleaguered%20company.),
which could open up a new revenue stream for the beleaguered
company.
GamesStop Corp.(GME) shares tumbled 14% after the videogame
retail chain said it would close at least 150 stores
(http://www.marketwatch.com/story/gamestop-to-shut-at-least-150-stores-shares-sink-2017-03-23).
SeaWorld Entertainment Inc.(SEAS) said Friday it would sell a
21% stake held by affiliates of Blackstone Group L.P
(http://www.marketwatch.com/story/blackstone-to-sell-its-seaworld-stake-to-chinas-zhonghong-at-a-33-premium-to-market-prices-2017-03-24).(BX)
to a unit of China's Zhonghong Zhuoye Group Co. Ltd. for $23 a
share, a 33% premium to Thursday's closing price of $17.31. Shares
rose 4.7% to $18.13.
Other markets: Several Asian stock markets
(http://www.marketwatch.com/story/asia-pacific-markets-pick-up-speed-despite-delay-on-us-health-care-bill-2017-03-23)
gained ground. European stock markets closed lower, with the FTSE
100 logging the worst week since January.
The dollar firmed up against the yen, but eased against the
euro. The shared European currency jumped after eurozone purchasing
managers indexes beat forecasts. Oil prices settled higher, while
gold eased.
(END) Dow Jones Newswires
March 24, 2017 16:44 ET (20:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Grafico Indice FTSE 100
Da Mar 2024 a Apr 2024
Grafico Indice FTSE 100
Da Apr 2023 a Apr 2024