Stocks around the world sank Monday on worries that the Trump White House may not be able to help businesses as much as once thought.
NEW YORK — Stocks around the world sank Monday on worries that the Trump White House may not be able to help businesses as much as once thought. Many of the trends that have been in place since Election Day went into sharp reverse: The dollar's value sank against other currencies, as did bank stocks, while prices jumped for Treasury bonds.
The Standard & Poor's 500 index fell 17 points, or 0.7 percent, to 2,326, as of 9:35 a.m. Eastern time. The Dow Jones industrial average lost 157, or 0.8 percent, to 20,438. The Nasdaq composite dropped 53, or 0.9 percent, to 5,776.
Small-company stocks, which have outpaced the rest of the market since the election, fell even more. The Russell 2000 index sank 18 points, or 1.3 percent, to 1,336.
The stock market had been on a nearly nonstop rip higher since Election Day on the belief that President Donald Trump and a Republican-led Congress will cut income taxes, loosen regulations for companies and institute other business-friendly policies. Besides stronger economic growth, investors were also predicting higher inflation would be on the way.
But last week's failure by Republicans to fulfill a pledge they've been making for years, to repeal the Affordable Care Act, raises doubts that Washington can push through other promises. The House on Friday pulled its bill to revamp the country's health care system, when it was clear that it didn't have enough votes to pass.