Banks nosedive as Trump healthcare speedbump hits US stocks

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>US stocks have taken their biggest loss in five months as a healthcare bill backed by President Donald Trump ran into trouble in Congress&period;<&sol;p>&NewLine;<p>It raised some questions about his agenda of faster economic growth spurred on by lower taxes and cuts in regulations&period;<&sol;p>&NewLine;<p>Banks plunged as bond yields continued to fall&comma; which will mean lower interest rates on loans&period;<br &sol;>&NewLine;Transportation companies including airlines&comma; railroads and rental car companies dropped&comma; and so did materials companies such as steel and chemicals makers&period;<&sol;p>&NewLine;<p>The dollar weakened&period; Small-company stocks&comma; which stand to benefit the most from Mr Trump&&num;8217&semi;s policy proposals of lower taxes and looser regulations&comma; fell more than the rest of the market&period;<&sol;p>&NewLine;<p>&&num;8220&semi;President Trump promised that this healthcare bill would be signed&comma; sealed&comma; delivered within the first couple of weeks of him taking office&comma;&&num;8221&semi; said Jack Ablin&comma; chief investment officer for BMO Capital Markets&period;<br &sol;>&NewLine;&&num;8220&semi;All this is doing is pushing the rest of the agenda out&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The Standard &&num;038&semi; Poor&&num;8217&semi;s 500 index tumbled 29&period;45 points&comma; or 1&period;1&percnt;&comma; to 2&comma;344&period;02&period; That was its biggest drop since October 11&period; The Dow Jones industrial average fell 237&period;85 points&comma; or 1&period;1&percnt;&comma; to 20&comma;668&period;01&period;<br &sol;>&NewLine;The Nasdaq composite surrendered 107&period;70 points&comma; or 1&period;8&percnt;&comma; to 5&comma;793&period;83&period;<&sol;p>&NewLine;<p>The Russell 2000 index of small-company stocks plunged 37&period;55 points&comma; or 2&period;7&percnt;&comma; to 1&comma;346&period;55&period; Four-fifths of the stocks on the New York Stock Exchange fell&period;<&sol;p>&NewLine;<p>Stocks have fallen for four days in a row&comma; though the previous losses were small&period;<br &sol;>&NewLine;Tuesday&&num;8217&semi;s losses were a reversal of the patterns that have endured since Mr Trump was elected in November&comma; but overall stocks are still sharply higher since then&period;<&sol;p>&NewLine;<p>On Thursday the House of Representatives is scheduled to vote on the Republican-backed American Health Care Act&comma; and despite support from the president on Tuesday&comma; it is not clear if the House or the Senate will approve the bill&period;<&sol;p>&NewLine;<p>The administration hopes to get a major tax reform package to Congress by August&comma; and a big infrastructure spending proposal may follow next year&period;<&sol;p>&NewLine;<p>Banks had their worst day in nine months as bond prices rose&period; The yield on the 10-year Treasury note declined to 2&period;42&percnt; from 2&period;46&percnt;&period;<&sol;p>&NewLine;<p>Bank of America fell 1&period;42 dollars&comma; or 5&period;8&percnt;&comma; to 23&period;02 dollars&period; KeyCorp sank 1&period;18 dollars&comma; or 6&period;5&percnt;&comma; to 16&period;90 dollars&comma; the biggest loss in the S&&num;038&semi;P 500&period; JPMorgan Chase gave up 2&period;64 dollars&comma; or 2&period;9&percnt;&comma; to 87&period;39 dollars&period;<br &sol;>&NewLine;Still&comma; banks have done far better than the rest of the market since the election&period;<&sol;p>&NewLine;<p>Among transportation companies&comma; United Continental lost 2&period;21 dollars&comma; or 3&period;3&percnt;&comma; to 65&period;28 dollars and railroad operator CSX declined 1&period;26 dollars&comma; or 2&period;7&percnt;&comma; to 45&period;62 dollars&period; Hertz Global skidded 1&period;86 dollars&comma; or 8&period;7&percnt;&comma; to 19&period;40 dollars&period; Companies that make steel&comma; chemicals&comma; and other basic materials also slid&period; AK Steel plunged 86 cents&comma; or 10&period;4&percnt;&comma; to 7&period;51 dollars and US Steel lost 3&period;34 dollars&comma; or 9&percnt;&comma; to 33&period;76 dollars&period;<&sol;p>&NewLine;<p>The price of copper also dropped&period; The metal&&num;8217&semi;s price tends to rise when investors are more optimistic about the economy&comma; and copper has risen 14&percnt; over the last year&period; It sank five cents&comma; or 1&period;8&percnt;&comma; to 2&period;62 dollars a pound on Tuesday&period;<&sol;p>&NewLine;<p>Big dividend companies&comma; especially utilities&comma; did well&period; Investors often buy those stocks when bond yields are falling&period; Dominion Resources rose 1&period;38 dollars&comma; or 1&period;8&percnt;&comma; to 78&period;21 dollars and PPL gained 67 cents&comma; or 1&period;8&percnt;&comma; to 37&period;47 dollars&period; Some household goods makers also rose&period; Jack Daniel&&num;8217&semi;s whisky maker Brown-Forman climbed 47 cents&comma; or 1&percnt;&comma; to 47&period;28 dollars&period;<&sol;p>&NewLine;<p>Kate Warne&comma; an investment strategist for Edward Jones&comma; said investors are taking some profits after the market&&num;8217&semi;s long post-election winning streak&comma; but noted that Wall Street is especially eager for the administration&&num;8217&semi;s tax reform proposals&period;<&sol;p>&NewLine;<p>&&num;8220&semi;I think investors see &lpar;corporate tax reform&rpar; as more important in terms of supporting the stock market even if it&&num;8217&semi;s not as important in terms of its effect on the economy&&num;8221&semi; as healthcare&comma; she said&period;<&sol;p>&NewLine;<p>Food companies fell after General Mills posted a better-than-expected profit but weaker sales&period; The Cheerios maker faces more competitive pricing and a market that has been shifting demand from processed foods&period; Its stock dipped 50 cents to 59&period;76 dollars&comma; and Kellogg shed 1&period;38 dollars&comma; or 1&period;8&percnt;&comma; to 73&period;60 dollars&period; Campbell Soup gave up 1&period;91 dollars or 3&period;2&percnt;&comma; to 57&period;09 dollars&period;<&sol;p>&NewLine;<p>Benchmark US crude lost 88 cents&comma; or 1&period;8&percnt;&comma; to 47&period;34 dollars a barrel in New York&period; Brent crude&comma; used to price international oils&comma; closed down 66 cents&comma; or 1&period;3&percnt;&comma; to 50&period;96 dollars a barrel in London&period;<br &sol;>&NewLine;The price of gold jumped 12&period;50 dollars&comma; or 1&percnt;&comma; to 1&comma;246&period;50 dollars an ounce&period; Silver gained 15 cents to 17&period;58 dollars an ounce&period;<&sol;p>&NewLine;<p>In other energy trading&comma; wholesale gasoline lost one cent to 1&period;61 dollars a gallon&period; Heating oil dipped one cent to 1&period;50 dollars a gallon&period; Natural gas rose five cents&comma; or 1&period;7&percnt;&comma; to 3&period;09 dollars per 1&comma;000 cubic feet&period;<br &sol;>&NewLine;The dollar slipped to 111&period;90 yen from 112&period;58 yen&period; The euro rose to 1&period;0804 dollars from 1&period;0733 dollars&period;<&sol;p>&NewLine;<p>The DAX of Germany fell 1&period;1&percnt; and the British FTSE 100 lost 0&period;6&percnt;&period; France&&num;8217&semi;s CAC 40 made big early gains after a debate between the nation&&num;8217&semi;s candidates for president&comma; but it finished 0&period;5&percnt; lower&period; Japan&&num;8217&semi;s benchmark Nikkei 225 slipped 0&period;3&percnt;&period; The Kospi in South Korea rose 1&percnt; and in Hong Kong the Hang Seng rose 0&period;4&percnt;&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed28ad06451">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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