Stocks mixed as health bill vote called off

NEW YORK — U.S. stocks flirted with sharp losses but managed a mixed finish after Republicans canceled a vote on their health care bill because it became clear the bill would fail. Investors didn’t trade much as they waited for answers about the state of President Donald Trump’s businessfriendly agenda.

For the second day in a row, stocks started higher and wilted as it became clear the health care bill was in trouble. The Dow Jones industrial average plunged as much as 126 points in afternoon trading on reports of the bill’s impending failure, although Wall Street cut its losses after the vote was canceled. Consumer-focused companies like Nike, Starbucks and clothing company PVH rose.

The health care act became something of a proxy for the rest of the Trump agenda and it dominated the market for most of this week. It was the weakest run for stocks since the week before the presidential election. Banks and small-company stocks, which made huge gains after Trump was elected, both suffered their biggest losses in more than a year.

President Donald Trump and other GOP leaders said they were moving on from health care, and Michael Scanlon, a portfolio manager for Manulife Asset Management, said investors will be glad if that happens.

After the close of trading, House Speaker Paul Ryan acknowledged the health care debacle will make that more difficult.

The Standard & Poor’s 500 index finished down 1.98 points, or 0.1 percent, at 2,343.98. The Dow lost 59.86 points, or 0.3 percent, to 20,596.72 as Goldman Sachs and Boeing sank. Tech companies inched higher and the Nasdaq composite rose 11.04 points, or 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.