Friends
Political wrangling over the proposed health care bill as well as a terrorist attack in London dominated the headlines. Stocks traded down early, continuing yesterday’s selloff, but by mid-morning the market averages reversed those losses and the rest of the day was spent near the breakeven level. A vote on the proposed healthcare bill is scheduled for tomorrow, so we will see if that actually occurs, and if it does, what the outcome will be. Market participants are concerned about the rest of the pro-growth agenda being derailed if the President gets bogged down further in this healthcare quagmire.
By the close, the Dow Jones Industrial Average was down 6 points to finish the day at 20,661. The S&P 500 was up 4 points to close at 2,348. Gold was up $1 to trade at $1,247 per ounce, while oil was down $.13 to trade at $48.11 per barrel WTI.
All eyes will be on the House tomorrow as Speaker Ryan hopes to bring the healthcare bill up for a vote (if he doesn’t have the votes, he likely would postpone the vote). Many are expecting that if the vote passes, that stocks would rally in a sigh of relief. If the vote is postponed or actually produces a no outcome, the markets might be discouraged that the pro-growth agenda is in jeopardy. But, as we have seen since last November, it never hurts to expect the unexpected. Stay tuned.
Have a nice evening everyone.
