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Wall Street sinks on fears of delays to Trump tax cuts

Banks' stocks are sensitive to changes in expectations of how quickly the Fed will adjust rates

Wall Street


Wall Street fell sharply on Tuesday as investors worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote. The S&P 500 and Dow Jones Industrial Average lost over 1 per cent in their worst one-day performances since before Trump's election victory in November. The S&P financial index sank 2.87 per cent, its biggest daily fall since June. That added to losses in the sector since the Federal Reserve last week raised interest rates by 25 ...

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First Published: Wed, March 22 2017. 04:42 IST