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Market Snapshot: Stocks drift higher, but worst weekly loss in sight as health-bill vote looms

Stocks closed mostly lower, with major indexes posting the biggest weekly losses in months, as House Republican pulled a controversial health-care bill from consideration after failing to secure enough votes to pass it.

The failure to achieve passage raises concerns about the outlook for corporate tax cuts and other elements of President Donald Trump’s agenda, which analysts said was the reason for weakness in capital markets over the past week.

Read:Here’s why financial markets are obsessed with the health-care vote

“At a time when the S&P 500 is trading above its fair value if you consider a forecast of $130 earnings per share on a 17-times multiple, Wall Street would really like to be reassured about the tax reforms,” said Kim Caughey Forrest, senior analyst and portfolio manager at Fort Pitt Capital Group.

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