Trump's health-care defeat pushes stocks lower
For a time on Monday, one question appeared to haunt stock market investors from Tokyo to Manhattan: Will President Trump be able to live up to his promises to reduce taxes and cut regulation?
Wall Street dropped to a six-week low before regaining ground, as investors around the world grappled with the failure of President Trump’s attempt to overhaul U.S. health care.
The defeat deepens the challenges for Mr. Trump as he shifts focus to trying to remake the U.S. tax code and rolling back most of President Barack Obama’s climate change legacy.
Even before the fallout from the GOP's failure on Friday to bring an Obamacare-replacement bill to a vote, U.S. stocks had been steadily declining in March, reflecting investors’ waning confidence in Trump’s ability to deliver on his campaign promises.
As reported in The New York Times.