Stocks had a pretty quiet Wednesday after tumbling the day before.
The Dow and the S&P 500 were little changed at the close, while the Nasdaq ticked up by about 30 points.
First up, the scoreboard:
- Dow: 20,670.41, +2.40, (+0.01%)
- S&P 500: 2,349.78, +5.78, (+0.25%)
- Nasdaq: 5,822.94, +29.19, (+0.50%)
- US 10-year yield: 2.401%, -0.033
- WTI crude oil: $US48.12, -0.12, -0.25%
1. Trump and the GOP are in a furious push to save “Trumpcare” from disaster. “Currently there are not enough votes to pass the legislation,” Rep. Mark Meadows, the chair of the conservative House Freedom Caucus, said after a meeting at the White House. House Representatives are expected to vote on “Trumpcare” on Thursday.
2. Existing home sales ease in February from a 10-year high. US existing-home sales fell 3.7% at a seasonally adjusted annual rate of 5.48 million in February, according to the National Association of Realtors.
3. Sears fell off a cliff. Shares of the 131 year-old company are down 13% as of 10:20 AM ET. The stock has lost 96% of its value since 2007, as the owner of the Sears and Kmart stores struggled to keep pace with changing consumer tastes and online competition.
4. Snap, the parent company of Snapchat, had another good day. Shares were up 6.3% in early morning trade, and the company got its second “Buy” rating from Wall Street analysts, with investment banking firm Drexel Hamilton putting a $US30 price target on the stock.
5. The auto loan market is showing signs of stress. US auto loan and lease credit loss rates weakened in the second half of 2016, according to a new report from Fitch Ratings, which said they will continue to deteriorate.
6. Bitcoin tanks below $US1,000. Selling on Wednesday had the cryptocurrency down 10.5% at $US997 a coin, where it was more than 20% below its all-time high from earlier this month.
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