Momentum Is Fading

The market posted its second straight weekly decline last week, after opening the year on a nice winning streak. Both the Nasdaq and the S&P 500 were down a bit more than 1% in the holiday-shortened trading week. Industrials, materials and financials led the decline.

This is not surprising, given the extent of the post-election rally. This is especially true given that the new administration has failed, to date, to repeal and replace the Affordable Care Act. This was supposed to be the fulcrum of an ambitious legislative effort. These initiatives included tax and regulatory reforms, as well as a large infrastructure spending bill. Failure to act on the healthcare front has caused a loss of momentum in these other areas, for which the hopes were a primary driver of the recent rally....355 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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