Dow Jones News: Dow Drops as House Republicans Pass Obamacare Replacement Bill

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In Dow Jones news today, the Dow dropped six points as congressional Republicans voted in favor of repealing and replacing parts of the Affordable Care Act.

Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:

Index	Closing	Point Change	Percentage Change
Dow Jones	20,951.47	-6.43	-0.03%
S&P 500	2,389.52	+1.39	+0.06%
Nasdaq	6,075.34	+2.79	+0.05%

Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.

The Five Top Stock Market Stories for Thursday

• • Crude oil prices fell to their lowest levels since OPEC members and Russia committed to a deal to cap excessive production. Ongoing concerns about near-record inventory levels in the United States, record shale production, increased Libyan output, and falling demand in places like China are weighing on trader sentiment. In addition, many traders are growing increasingly skeptical that OPEC members will extend their six-month deal to help support prices. Such an action would likely drive down the price of oil as traders cut their exposure. The WTI crude oil price today dipped 4.8%. Brent crude slid 4.7%.

• In Washington, Congress is halfway to replacing and repealing the Affordable Care Act. The House of Representatives voted by a 217-213 margin with all 193 Democrats voting against the bill. The bill will now head to the U.S. Senate where it will likely face significant scrutiny. To start, there is one reason why this bill could be a problem. As we’ve discovered, the bill fails to address one serious issue that could leave many Americans penniless. Here’s what you need to know about the new healthcare bill.
• Elsewhere in Washington, the House Financial Services Committee has approved a new bill that would repeal and roll back several core provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). The bill would effectively gut the signature piece of Obama-era regulations to tackle Wall Street excess in the wake of the 2008 financial crisis. Republicans argue that the Dodd-Frank Act has stifled innovation and lending and contributed to the lackluster economic recovery. Democrats warn that such a repeal could set the stage for another financial meltdown in the future.

 

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