US stocks reversed early gains to end sharply lower on Tuesday, amid growing concerns over US President Donald Trump's ability to implement his economic policies.
US stocks reversed early gains to end sharply lower on Tuesday, amid growing concerns over US President Donald Trump’s ability to implement his economic policies. The Dow Jones Industrial Average dropped 237.85 points, or 1.14 per cent, to 20,668.01. The S&P 500 lost 29.45 points, or 1.24 per cent, to 2,344.02. The Nasdaq Composite Index plunged 107.70 points, or 1.83 per cent, to 5,793.83, Xinhua reported.
Worries about the country’s health care reform weighed on the market as House Republicans are expected to vote on repealing and replacing the Affordable Care Acton (ACA) Thursday. Analysts thought that the enthusiasm has come off the boil as a lot of Trump policies got mired in legislative process.
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The ACA has been heatedly debated in the United States since its ratification in 2010. The Obama administration said the ACA expanded healthcare coverage to millions more of citizens, while some grumble that their healthcare premiums have surged after the ACA was put in place.
Financials took a hit as the US benchmark 10-year note yield continued to fall. Financial sector, the biggest laggard among the S&P 500’s ten sectors, slumped 2.87 percent Tuesday.
In corporate news, Apple announced a new version of its 9.7-inch iPad and special editions for the iPhone 7 and iPhone 7 Plus Tuesday. Shares of the tech giant, however, reversed early gains to close down 1.15 per cent.