Stock Market News for March 28, 2017 – Nasdaq

This post was originally published on this site

Shutterstock photo

Benchmarks mostly fell on Monday following the failure of the Trump administration to pass the new healthcare bill through the House of Representatives. Investors remained skeptical about Trump’s ability to deliver on his pro-business economic agenda, including tax cuts, infrastructure spending and deregulation initiatives.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street  article.

The Dow Jones Industrial Average (DJI) declined 0.2% to close at 20,550.98. The Dow declined for an eighth straight session, its longest losing streak since August 2011. The Dow ended about 45 points lower with Goldman Sachs ( GS ) contributing the most losses. The S&P 500 fell 0.1% to close at 2,341.59. Initially, the benchmark index dropped below its 50-day moving average for the first time since November. But a spate of late day activity by bargain hunting investors helped to pare some losses.

The tech-laden Nasdaq Composite Index, meantime, closed at 5,840.37, gaining 0.2%. The fear-gauge CBOE Volatility Index (VIX) declined 4.0% to settle at 12.44. A total of around 6.3 billion shares were traded on Monday lower than the last 20-session average of 7.1 billion shares. Advancers equaled declining stocks on the NYSE. For 48% stocks that advanced, 48% declined.

The Trump administration failed to secure adequate support among Republicans to pass the Healthcare bill through the House of Representatives. The failure of the healthcare bill raised concerns among investors about the fate of Trump’s pro-economic growth policies including tax reforms and infrastructure spending. This had an adverse effect on investor sentiment which is expected to have a negative impact on equity markets.

However, the Health Care Select Sector SPDR (XLV) gained 0.3%, helped by hospital stocks. Hospitals do better financially when patients receive insurance coverage. The proposed healthcare law would have increased the number of uninsured Americans over the next 10 years, which would have hurt hospitals financially. Failure to pass the new healthcare bill helped hospital stocks rise. Some of the top gainers in the hospital sector including Community Health Systems ( CYH ) and Tenet Healthcare Corp ( THC ) gained 1.1% and 1.4%.

Financial stocks fell on Monday, dragged down primarily by bank stocks. Tax reform would help the financial sector but investors raised doubts over Trump’s ability to implement his proposed tax reforms, which in turn had an adverse impact on investor confidence. The Financial Select Sector SPDR (XLF) decreased 0.4%. Key components from this sector like Goldman Sachs Group and Morgan Stanley ( MS ) fell 1.3% and 2.1%, respectively.

Stocks that made Headlines

Darden Tops Q3 Earnings, Lifts View for FY17, Stock Up

Shares of Darden Restaurants, Inc. ( DRI ) rose nearly 4% in afterhours trading on Mar 27, after the company reported better-than-expected third-quarter fiscal 2017 results. ( Read More )

Amazon Convenience Stores Deferred by Technical Glitches

The much-talked-about ‘no cashier convenience store’ called Amazon Go to be launched by e-commerce giant Amazon.com, Inc. ( AMZN ) through its ‘Project Como’ has got delayed. ( Read More )

IMAX Strengthens Foothold in Middle East with New Deal

IMAX Corporation ( IMAX ) is constantly making efforts to expand its presence across the globe. ( Read More )

Archer Daniels (ADM) Expands Footprint in Western Europe

Archer Daniels Midland Company ( ADM ) is once again testifying its commitment to enhancing shareholder value through growth and diversification of global sweetener and starch business. ( Read More )

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don’t buy now, you may kick yourself in 2020. Click here for the 6 trades >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Goldman Sachs Group, Inc. (The) (GS): Free Stock Analysis Report

Community Health Systems, Inc. (CYH): Free Stock Analysis Report

Tenet Healthcare Corporation (THC): Free Stock Analysis Report

Morgan Stanley (MS): Free Stock Analysis Report

Darden Restaurants, Inc. (DRI): Free Stock Analysis Report

Amazon.com, Inc. (AMZN): Free Stock Analysis Report

Imax Corporation (IMAX): Free Stock Analysis Report

Archer-Daniels-Midland Company (ADM): Free Stock Analysis Report

To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.