Earlier Friday, stocks plummeted ahead of the news regarding the controversial legislation, but quickly rebounded after the bill was nixed.
The Dow Jones Industrial Averaged fell 57 points to close the week 1.5% lower than the last. The S&P 500 dropped one point before closing, with a weekly decline of 1.4%.
Quick recovery in stock market after news Republicans pulling health care bill. pic.twitter.com/34Fss9suMK- Mike Dorning (@MikeDorning) March 24, 2017
Now #AHCA bill pulled, stocks rebound. Markets must be excited for tax reform, figuring GOP needs a win.- Jon Fortt (@jonfortt) March 24, 2017
The House debated the legislation Friday but abruptly pulled the bill from the floor once it was clear the bill, dubbed the American Health Care Act, was short on votes, according to the Associated Press.
The House had been preparing to vote on the Obamacare replacement Friday after Trump issued an ultimatum Thursday demanding that a vote be cast the following day or else Republicans would be “stuck with Obamacare.”