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Stocks closed little changed on Thursday after sources told Business Insider that Republicans canceled Thursday’s vote on “Trumpcare” after failing to reach agreement on the health care overhaul bill.
All three major indices ticked up in the morning, fell back in the early afternoon, and ultimately closed basically where they started.
First up, the scoreboard:
Dow: 20,656.58, -4.72, (-0.02%) S&P 500: 2,345.96, -2.49, (-0.11%) Nasdaq: 5,817.69, -3.95, (-0.07%) US 10-year yield: 2.412, +0.016 WTI Crude: $47.71, -0.33, -0.69%
1. Multiple sources told Business Insider that the Thursday vote on the House Republicans healthcare-reform bill would be postponed because party leaders failed to reach an agreement on the bill. The impasse between Republicans came as hardline conservative members of the GOP in the House Freedom Caucus demanded more concessions on repealing parts of Obamacare, while moderate Republicans balked at those aggressive changes.
2. Obama defends Obamacare. “So the reality is clear: America is stronger because of the Affordable Care Act,” the former president said in a statement released on the seventh anniversary of the healthcare law.
3. Initial jobless claims rose above 250,000 for the first time in eight weeks. Claims, which count the number of people who applied for unemployment insurance for the first time in the past week, rose by 15,000 to 258,000.
4. One of the biggest hedge fund launches of all time is shutting down. Eton Park Capital Management is shutting down. In a letter sent to investors earlier on Thursday, founder Eric Mindich wrote that he plans to return 40% of all investors’ capital by the end of April, and that the fund’s other investments would be unwound over the “coming months,” with some investments taking even longer.
5. Ford guidance disappointed. Shares of Ford Motor are down 1.5% at $11.59 Thursday morning after the automaker reported it expects adjusted first-quarter earnings of $0.30 to $0.35 per share, well below the $0.47 that is expected by the Bloomberg consensus.
6. Bitcoin spikes above $1,000. Bitcoin was trading up 1.2% at $1,049 a coin as of 7:37 a.m. ET after aggressive selling on Wednesday slammed the cryptocurrency below the $1,000 level for just the second time since the beginning of February.