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Nasdaq turns positive as Wall Street weighs tax reform prospects; health care leads

• http://www.cnbc.com

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Stocks drop after White House's health-care failure   2 Hours Ago | 03:21

U.S. stocks fell on Monday, but traded off their session lows, as investors evaluated the possibility of significant tax reform coming from the White House.

The Nasdaq composite traded just above breakeven after briefly falling 1 percent.

"Certainly what happened on Friday makes it harder [to push tax reform], but we're not bogged down by it," said Jeremy Klein, chief market strategist at FBN Securities. "I think people are realizing we have a long way to go on tax reform."

The Dow Jones industrial average traded about 50 points lower — after falling nearly 200 points earlier, with Goldman Sachs contributing the most losses. The 30-stock index was also on track to post an eight-session losing streak.

"When you look at some of the areas that have helped the market, they are waning a bit here," said Daniel Deming, managing director at KKM Financial. "I think you're also seeing some valuation concerns as well.

The S&P 500 pulled back 0.2 percent, with financials and utilities leading decliners and health care outperforming. Financials were dragged by bank stocks, as the SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell more than 1 percent.


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