The S&P 500 declined 0.3%, while the Nasdaq Composite dropped 0.1%. White House budget director Mick Mulvaney said if the bill fails, President Donald Trump will move on to other priorities. Utilities companies, which are less sensitive to the economic cycle, are one of only two S&P 500 sectors on track for weekly gains. To be sure, recent declines have been relatively muted in absolute terms, with the S&P 500 on track to end the week just 1.4% lower. The latest survey of global fund managers from Bank of America Merrill Lynch found investors are holding 4.8% of their portfolios in cash.

Source: Wall Street Journal March 24, 2017 02:46 UTC