Weekly Comic: The bears finally wake up after a long winter sleep
Investing.com
Published Mar 23, 2017 09:06AM ET
Investing.com - The bears made a brief appearance on Wall Street this week, as the major U.S. stock indices posted their biggest one-day loss in five months.
The S&P 500 lost around 1.2% on Tuesday, its first 1%-or-more drop in 109 days, amid widespread risk aversion spurred by doubts over the Trump administration’s ability to push through the pro-growth economic agenda promised by the president.
Headlines from Washington will continue to be in focus on Thursday, as the U.S. House of Representatives is scheduled to vote on repealing and replacing the Affordable Care Act later in the day, with the votes needed for passage in doubt.
Investors see the Trump administration's struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering on the promises for tax cuts, regulatory reform and infrastructure spending.
Any hint of further trouble for Trump's agenda could precipitate a stock market correction, said Byron Wien, veteran investor and vice chairman of Blackstone (NYSE:BX) Advisory Partners.
While investors and strategists have said they do not see an immediate threat to the eight-year-old bull market, there is a risk of a 5%-to-10% drop in the near-term.
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