Wall Street closes with big loses for major firms

By Ovunc Kutlu

NEW YORK (AA) - Wall Street indexes closed Tuesday with their sharpest decline in five months as major firms posted losses and oil prices fell.

President Donald Trump's plan to lower corporate taxes may not come as soon as businesses had expected because repealing the nation’s health care system, known as Obamacare, has been met with resistance in the Congress, according to experts.

Shoes of investment giant Bank of America fell 5.8 percent and Ford saw its stock price lose 4 percent, while Twitter shares fell 3.7 percent.

Oil prices continued their decline because of worries about an increase in global crude supply.

At the final bell, American benchmark West Texas Intermediate was trading at $48.14 -- a 1.6 percent loss, and international benchmark Brent crude was at $50.92 -- a 1.4 percent loss.

The Dow lost 237 points to close at 20,668 and the S&P fell 29 points to 2,344 — each losing more than 1 percent.

The Nasdaq fell nearly 2 percent to 107 to end the day at 5,793.