Saturday, March 25, 2017

Stocks Slip As Ryan Pulls Obamacare Repeal/Replace Bill

Lacking the necessary support from rank-and-file Republicans, House Speaker Paul Ryan yanked the Obamacare Repeal and Replace Bill that had been scheduled for a vote today in the House of Representatives just as US stock markets closed.

The bill had been on shaky ground for weeks as various splinter groups within the Republican party had issues with the wording and its hasty implementation.

According to various polls, the American public didn't appreciate the bill much either, as it was getting to be regarded as Obamacare-Lite.

This leaves the Republicans, especially Speaker Ryan, with plenty of egg on their faces and an uphill battle in the congress against entrenched, obstructionist Democrats.

Most sane people are seeking relief from the poorly-named Affordable Care Act (ACA) that has featured skyrocketing healthcare premiums and absurd deductibles, most upwards of $5000 per year.

Though the official word that the bill had been pulled came moments before the Wall Street close, apparently there were many who saw it coming. The Dow Industrials ended a see-saw week with a near 60-point loss. The S&P and NYSE Composite finished with losses as well, though the NASDAQ managed a small gain.

All major indices were lower for the week.

At The Close, 3/24/17:
Dow: 20,596.72, -59.86 (-0.29%)
NASDAQ: 5,828.74, +11.04 (0.19%)
S&P 500: 2,343.98, -1.98 (-0.08%)
NYSE Composite: 11,419.14, -11.76 (-0.10%)

For the Week:
Dow: -317.90 (-1.52%)
NASDAQ: -72-26 (-1.22%)
S&P 500: -34.27 (-1.44%)
NYSE Composite: -170.13 (-1.47)

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