Wall Street's gains turn to losses in the late afternoon Thursday as investors worry about President Trump's ability to deliver on his policy agenda.
Stocks turned south on news that the House of Representatives canceled the vote scheduled for Thursday on the key Republican healthcare bill. Healthcare stocks fell, as did tech and utilities shares. Failure to pass the bill would cast doubt on President Donald Trump's ability to deliver on his proposed tax cuts and deregulation measures. A & G Capital's chief investment officer Hilary Kramer. SOUNDBITE: HILARY KRAMER, CHIEF INVESTMENT OFFICER, A&G CAPITAL, (ENGLISH) SAYING: "The market really can't keep the gains that we had earlier today. It's just a no-win, because no matter what happens in the House, that bill, that healthcare bill just had to be too conservative for the House. The Senate will never be able to pass that bill. There's just too many on the left senators, so it's a no-win, which means it's a no support for Trump which means that that Trump trade is starting to unwind." Ford shares taking a slight backseat. The automaker warned that higher investments and a drop in sales volumes would dent profit in the first quarter. Alphabet shares falling. Johnson & Johnson joined AT&T and Verizon in suspending digital advertising on YouTube, citing concerns that its ads may have appeared on channels carrying offensive videos. Disney shareholders expressing relief. The board extended the contract of its highly regarded CEO, Bob Iger, by another year. In economic news, new home sales jumped to a seven-month high in February. And the number of Americans filing for jobless benefits unexpectedly rose last week. In Europe, the markets got a lift from a rally in industrials and consumer stocks.