Stocks whipsawed as health bill is pulled

Washington sent US stocks on a wild ride on Friday afternoon after President Trump asked Republicans to pull their health care bill.

After rising and falling less than 50 points for much of the day, the Dow Jones industrial average fell about 75 points in a matter of minutes around 3 p.m., just as the fate of the American Health Care Act appeared doomed.

The Dow then jumped 100 points in 24 minutes before zig-zagging to a close of 20,596.72, down 59.86 points.

The Dow decline was the seventh straight — the longest losing streak since the FBI re-opened its investigation into Hillary Clinton’s e-mails last October-November.

The decline also capped the worst week for the Dow since September.

Although the late-afternoon swings in the Dow were sharp, Wall Street overall shrugged at Congress’ inability to repeal ObamaCare.

Optimists were hoping the AHCA demise would mean quicker action on tax cuts and infrastructure spending — both of which can help the economy.

“Investors are continuing to be optimistic that, even with a health care bill pushed aside, the possibility for tax cuts and a regulatory rollback are up next,” Jack Ablin, chief investment officer at BMO Private Bank, told The Post.

After Trump’s surprise election, markets rallied 15 percent on the perception that his administration would lower the tax burden for corporations.

While Trump said he would tackle taxes next, it won’t be a “slam dunk,” Ablin warned.

“Republicans, while they do favor tax cuts, don’t like to see deficits blow out,” he said. “Taken on the face of it, the Trump proposals would rack up $12 trillion in additional deficits over 10 years.”