* Oil prices slip to four-month low
* Sears lower after warning of 'going concern' doubts
* Nike drags Dow lower after poor quarterly report
* Dow down 0.09 pct, S&P up 0.13 pct, Nasdaq up 0.35 pct
(Updates to afternoon)
By Noel Randewich
March 22 Wall Street was mixed on Wednesday as
investors focused on President Donald Trump's struggle to push
through a healthcare bill and worried that promised tax cuts may
face similar hurdles.
U.S. stocks in the previous session had their worst day
since before Trump's election as investors worried that the
president's struggle to overhaul healthcare was a sign he would
also face trouble pushing through promised corporate tax cuts
that have been behind the market's record-breaking rally since
Trump and Republican lawmakers appeared to be losing the
support they need for controversial healthcare legislation
scheduled for a vote in the House of Representatives on
Thursday. Losing or delaying the vote would bruise investors'
confidence in Trump's legislative ability and his ability to
keep his big promises to business.
"If that happens, you could see a little bit of volatility
in the market," said David Schiegoleit, managing director at
U.S. Bank Private Client Reserve in Los Angeles.
Apple rose 1.2 percent and provided the biggest
boost to the three major indexes.
The Dow was lower, weighed down by a 7-percent fall in Nike
after the world's largest footwear maker missed
quarterly revenue estimates.
Oil prices touched four-month lows after data showed U.S.
crude inventories rising faster than expected.
The S&P 500 has gained 10 percent since the election,
spurred mainly by Trump's agenda of tax cuts and boost
infrastructure spending, but high valuations remain a concern.
The benchmark index is trading at about 18 times forward
earnings estimates against the long-term average of 15,
according to Thomson Reuters data.
The Dow Jones Industrial Average was down 0.09
percent at 20,648.71 points, while the S&P 500 had gained
0.13 percent to 2,347.16.
The Nasdaq Composite added 0.35 percent to
Five of the 11 major S&P sectors were higher, with the
technology index's 0.67 percent gain leading the
The financial sector, which suffered its worst daily
drop since June on Tuesday, was down 0.15 percent.
Sears Holdings slumped 14 percent after the
retailer warned on Tuesday about its ability to continue as a
going concern after years of losses and declining sales.
Declining issues outnumbered advancing ones on the NYSE by a
1.20-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners.
The S&P 500 posted 10 new 52-week highs and 14 new lows; the
Nasdaq Composite recorded 17 new highs and 81 new lows.
(Additional reporting by Tanya Agrawal; Editing by Nick