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Mar 23, 4:07 PM EDT

Markets Right Now: Delay on health vote sinks a stock rally


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The latest on developments in financial markets (All times local):

4:00 p.m.

An early rally evaporated on Wall Street and left indexes slightly lower after a vote on the Republican-backed health care bill was delayed.

Investors worry that the setback Thursday will mean a longer wait for business-friendly policies like tax cuts.

Health care and energy stocks fell. Centene fell 4 percent and Baker Hughes lost 2.3 percent.

Google's parent company, Alphabet, fell 1 percent after several major companies said they will stop advertising on YouTube because their ads were appearing alongside offensive videos.

The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 2,345.

The Dow Jones industrial average lost 4 points, less than 0.1 percent, to 20,656. The Nasdaq composite slid 4 points, or 0.1 percent, to 5,817.

Small-company stocks rose.

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11:45 a.m.

U.S. stocks are turning higher as bank stocks recover some ground thanks to an upturn in bond yields, which will make lending money more profitable.

Google's parent company, Alphabet, is weighing down technology stocks Thursday after several major companies said they will stop advertising on YouTube because their ads were appearing alongside offensive videos including some promoting terrorism.

Investors are keeping a close eye on Washington, where a vote was expected later Thursday on a Republican-backed health care bill.

The Standard & Poor's 500 index rose 4 points, or 0.4 percent, to 2,356.

The Dow Jones industrial average gained 71 points, or 0.4 percent, to 20,733.

The Nasdaq composite climbed 16 points, or 0.3 percent, to 5,838.

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9:35 a.m.

Stocks are barely changed as Congress continues to debate health care legislation, a key first piece of President Donald Trump's business-friendly agenda.

Technology companies are down Thursday and giving up some of the previous day's gains. Alphabet, Google's parent company, lost 1.6 percent.

Energy companies are slipping with oil prices but consumer-focused companies are rising. Clothing company PVH jumped 8.5 percent after strong earnings. Nike is up 2.1 percent after a sharp drop a day ago.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,345.

The Dow Jones industrial average fell 25 points, or 0.1 percent, to 20,636.

The Nasdaq composite shed 11 points, or 0.2 percent, to 5,810.

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