* Congress pulls healthcare bill on Friday
* Bank stocks, dollar drop; gold hits one-month high
* Goldman responsible for shaving 35 points off Dow
* Indexes down: Dow 0.55 pct, S&P 0.43 pct, Nasdaq 0.32 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
March 27 U.S. stocks came off session lows late
Monday morning as investors picked up beaten-down stocks after
Wall Street tumbled following the withdrawal of President Donald
Trump's healthcare reform bill.
However, the Dow is on track for an eight-day losing streak
as the failed bill raised questions about Trump's ability to
push through with his economic agenda.
Wall Street has rallied since November on bets that Trump's
campaign promises of tax cuts and deregulation would sail
through a Congress controlled by Republicans.
"This is the block in the Jenga game that at least topples
part of the tower, but it's not to say that the game is over,"
said Robert Pavlik, chief market strategist at Boston Private
"I think a pullback to 2,273 on the S&P 500, which is the
100-day moving average, is likely but it will not stay there. I
think people will use this as a buying opportunity."
At 11:05 a.m. ET (1505 GMT), the Dow Jones Industrial
Average was down 114.27 points, or 0.55 percent, at
20,482.45, the S&P 500 was down 9.99 points, or 0.43
percent, at 2,333.99 and the Nasdaq Composite was down
18.86 points, or 0.32 percent, at 5,809.88.
Financial stocks, which were the biggest beneficiaries of
the post-election rally, were the worst hit. Bank of America
was down 1.8 percent and Morgan Stanley 3.7
Goldman Sachs fell 2.3 percent, shaving 35 points off
the Dow. The S&P 500 financial index was down 1.2
percent, far underperforming the other nine losers among the
major S&P sectors.
Shares of hospital operators, including HCA Holdings
and Tenet Healthcare, rose on Monday, helping the S&P
500 healthcare sector to gain 0.2 percent.
The dollar, which had found favor on the possibility of tax
cuts and higher infrastructure spending, hit its lowest since
Nov. 11, while prices of safe-haven gold shot up to one-month
DuPont was up 0.7 percent and was the top stock on
the Dow Jones Industrial Average after European regulators
cleared its proposed merger with Dow Chemical. Dow
Chemical was up 0.6 percent.
Declining issues outnumbered advancers on the NYSE by 1,846
to 969. On the Nasdaq, 1,684 issues fell and 984 advanced.
The S&P 500 index showed seven 52-week highs and six lows,
while the Nasdaq recorded 28 new highs and 43 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by