With traders keeping a close eye on developments on Capitol Hill, stocks saw some volatility over the course of the trading session on Friday. The major averages eventually ended the day on opposites sides of the unchanged line.
While the Nasdaq crept up 11.04 points or 0.2 percent to 5,828.74, the Dow fell 59.86 points or 0.3 percent to 20,596.72 and the S&P 500 edged down 1.98 points or 0.1 percent to 2,343.98.
Despite the mixed performance on the day, the major averages all moved notably lower for the week. The Dow slumped by 1.5 percent, the Nasdaq slid by 1.2 percent and the S&P 500 tumbled by 1.4 percent.
The volatility on Wall Street came as the House prepared to vote on a Republican bill to repeal and replace Obamacare.
Late in the trading day, House Republican leaders decided to withdraw the bill amid indications of a lack of support.
The move came despite vigorous efforts by President Donald Trump and House Speaker Paul Ryan, R-Wis., to build support for the legislation.
A number of more conservative lawmakers opposed the bill amid criticism that it did not go far enough to repeal the provisions of Obamacare.
Moderate Republicans were also concerned about predictions the plan would cause millions of people to lose their insurance.
Even if the Republican healthcare bill had been approved by the House, the legislation was expected to face an even tougher uphill battle in the Senate.
The inability to advance the bill could cast doubt on Trump's ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.
On the U.S. economic front, the Commerce Department released a report showing a bigger than expected increase in durable goods orders in the month of February.
The report said durable goods orders jumped by 1.7 percent in February after surging up by a revised 2.3 percent in January.
Economists had expected orders to climb by 1.2 percent compared to the 2.0 percent spike that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders rose by 0.4 percent in February after edging up by 0.2 percent in January. The increase fell short of estimates for 0.6 percent growth.
Sector News
Extending the trend seen over the past few sessions, most of the major sectors ended the day showing only modest moves.
Steel stocks saw considerable weakness, however, with the NYSE Arca Steel Index slumping by 1.4 percent. With the drop, the index fell to its lowest closing level in well over two months.
AK Steel (AKS), Commercial Metals (CMC), and U.S. Steel (X) turned in some of the steel sector's worst performances.
On the other hand, airline stocks moved notably higher, resulting in a 1 percent advance by the NYSE Arca Airline Index. Hawaiian Airlines parent Hawaiian Holdings (HA) posted a standout gain.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index inched up by 0.1 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index crept up by 0.2 percent, the U.K.'s FTSE 100 Index edged down by 0.1 and the French CAC 40 Index dipped percent.
In the bond market, treasuries moved modestly higher following the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slipped by 1.8 basis points to 2.400 percent.
Looking Ahead
After a quiet start, the economic calendar picks up as next week progresses, with traders likely to keep an eye on reports on consumer confidence, pending home sales and personal income and spending.
Speeches by a number of Federal Reserve officials are also likely to attract attention after the central bank's interest rate hike earlier this month.
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