- Flickr / JoshBerglund19
Stocks rallied on Tuesday following a dip Monday that appeared related to concern about the failure of “Trumpcare” to get enough votes in the House. That failure cast doubt on the rest of President Donald Trump’s economic agenda.
Here’s the scoreboard:
Dow: 20,701.50, +150.52, (0.73%) S&P 500: 2,358.57, +16.98, (0.73%) Nasdaq: 5,875.14, +34.77, (0.60%)
‘Trumpcare’ is not dead. Republicans emerged from a closed-door caucus meeting saying they had not abandoned their desire to repeal and replace the Affordable Care Act, also known as Obamacare, even after they yanked their bill from the House floor on Friday. Following the health care debacle, Trump is planning to move up the timetable on large-scale infrastructure spending to this year, reported Jonathan Swan at the news website Axios. US consumer confidence spiked to a 16-year high in March. The Conference Board’s consumer confidence index jumped to 125.6, the highest since December 2000. Home prices rose to a 31-month high in January. The S&P CoreLogic Case-Shiller national home-price index climbed 5.9%, not seasonally adjusted. The biggest gains were again recorded in the red-hot markets of Seattle, Portland, and Denver. Snap shares sank 4% after Facebook launched Stories. Much like Snapchat, Facebook Stories will allow users to post photos and videos that will disappear after 24 hours. The Securities and Exchange Commission rejected plans for the SolidX Bitcoin ETF. The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn’t be able to prevent fraud or market manipulation. After Trump tweeted about a “major investment” from Ford, the automaker said it would invest $1.2 billion in three Michigan facilities and create 130 jobs in projects. The moves were largely in line with a previous agreement with the United Auto Workers union.