New York March 22 (IANS) 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.
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.
--IANS
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US stocks tumble on Trump policy uncertain
