Wall St. hits six week low on Trumps healthcare bill defeat

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Wall Street main indexes hit their lowest levels in six weeks on Monday after Republican's pulled a healthcare bill, raising questions about President Donald Trump's ability to deliver on his ambitious economic agenda. The bill, which was set to overhaul the Affordable Care Act, or Obamacare, was Trump's first major legislative move. Bank stocks, which had outperformed in the post-election rally on bets of tax cuts and simpler regulations, took a beating on Monday. Bank of America (BAC. N) was down 3.6 percent and JPMorgan 2 percent (JPM. N), with the two stocks being the biggest drag on the S&P 500. Goldman Sachs (GS. N) fell 3 percent, shaving 45 points off the Dow.

The S&P 500 financial index . SPSY was off 2.2 percent, far underperforming the other eight losers among the major S&P sectors. "The markets around the globe are falling as a rethinking of the 'Trump Trade' begins to focus on reality," Peter Cardillo, chief market economist at First Standard Financial in New York, wrote in a note. "While we don't expect a full-blown correction to commence at this time, we do see rising negative sentiment replacing the 'Hope Trade'."

The dollar, which had found favor on the possibility of tax cuts and higher infrastructure spending, hit its lowest since Nov. 11, while prices of safe-haven gold shot up to one-month highs. Utilities . SPLRCU and real estate . SPLRCR - the defensive plays of the S&P 500 - were the only ones in the black. At 9:40 a.m. ET, the Dow Jones Industrial Average . DJI was down 169.57 points, or 0.82 percent, at 20,427.15, the S&P 500 . SPX was down 20.16 points, or 0.86 percent, at 2,323.82 and the Nasdaq Composite . IXIC was down 54.35 points, or 0.93 percent, at 5,774.39.

Investors will look forward to comments from Chicago Federal Reserve President Charles Evans and his Dallas counterpart, Robert Kaplan, for clues on the timing of the next interest rate hike. Fed Chair Janet Yellen is scheduled to speak at a conference on Tuesday in Washington. Declining issues outnumbered advancers on the NYSE by 2,113 to 587. On the Nasdaq, 1,928 issues fell and 486 advanced. The S&P 500 index showed six 52-week highs and six lows, while the Nasdaq recorded 11 highs and 33 lows.

Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., March 21, 2017.

REUTERS/Lucas Jackson

Samsung Electronics says to sell refurbished Galaxy Note 7s SEOUL Tech giant Samsung Electronics Co Ltd said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries.

Once golden, Robert Rubin's hedge fund proteges lose some luster BOSTON/NEW YORK Learning to invest on Goldman Sachs' risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former Wall Street star and U.S. Treasury Secretary have stumbled in recent years.

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