0.2 percent, to 5,828.74. The Russell 2000 index of smaller-company stocks added 1.22 points, or 0.1 percent, to 1,354.64.
Trading was relatively quiet, which may have contributed to the big fluctuations.
Hospitals and insurers that do a lot of business with Medicaid celebrated the demise of the bill. HCA Holdings, the largest U.S. hospital company, climbed $2.87, or 3.5 percent, to $86.04 and Community Health Systems jumped 84 cents, or 9.7 percent, to $9.54. Among Medicaid-focused companies, Centene and Molina Healthcare each gained about 5 percent.
The American Health Care Act would likely have left more Americans uninsured and would make big changes to Medicaid, a joint federal-state health program for low-income Americans. Those stocks fell when it was introduced because investors were concerned that hospitals would have to take in more patients who lack
With the 2010 Affordable Care Act alive for another day, insurance companies slumped. Cigna fell $3.36, or 2.3 percent, to $142.82.
insurance and that insurers would get less money from Medicaid.
With the 2010 Affordable Care Act alive for another day, insurance companies slumped. Cigna fell $3.36, or 2.3 percent, to $142.82 and Anthem shed $2.63, or 1.6 percent, to $126.77.
With Trump and majority Republicans unable to pass the first big item on their agenda, there were some signs of concern that his proposals of tax cuts, infrastructure spending, and regulatory cuts will take longer. Those are aspects of Trump’s proposed agenda Wall Street is excited about.
Vulcan Materials, a construction materials maker, sank $2.65, or 2.3 percent, to $112.74. Steel maker Nucor declined $1.50, or 2.4 percent, to $59.76. Construction and machinery companies also stumbled. Engine maker Cummins shed $1.45, or 1 percent, to $150.77 and Boeing sank $1.44 to $175.82.
Scanlon, of Manulife, said investors want Trump and Congress to come up with a real proposal that changes corporate taxes.
“Something needs to be done with a permanent solution, not just one of these holiday things,” he said, because “the goal is to be a stimulus for domestic investment.”
Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.41 percent from 2.42 percent.
U.S. crude oil futures rose 27 cents to $47.97 a barrel in New York. Brent crude, used to price international oils, added 24 cents to $50.80 a barrel in London.
In other energy trading, wholesale gasoline gained 2 cents to $1.60 a gallon. Heating oil rose 1 cent to $1.50 a gallon. Natural gas added 3 cents to $3.08 per 1,000 cubic feet.