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Bob Carey
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  US Stocks Ended March 24, 2017
Posted Under: Market Commentary Video

 
Stocks fell for the week as Republicans delayed and then cancelled a vote on their health care bill. Many Republicans voiced their concern with the latest version, leading many investors to question the ability of the Trump administration to pass additional bills. Repeal and replace for the Affordable Care Act will be a good barometer of whether President Donald Trump will be able to pass policy changes like tax reform, infrastructure plans and deregulation. In economic news, durable goods orders increased by 1.7% in February, which beat expectations of a 1.4% gain. After rising to their highest level in a decade last month, existing home sales fell 3.7% in February as limited home inventory and higher prices are dampening some demand. The financial sector, the top-performing sector since the election in November, was the worst performing sector for the week as new fiscal stimulus, less regulation, and higher interest rates were all called into question this week with the cancelled healthcare vote. Turning to stock news, Accenture PLC shares traded lower after reporting a sales miss and bookings declined versus last year as many end markets outside of financial services face headwinds. Despite meeting earnings expectations, Nike, Inc. declined after top-line growth and worldwide futures orders disappointed investors. Ally Financial Inc. fell after warning profits could be hampered by declining used-car prices. Hertz Global Holdings Inc. and Avis Budget Group Inc. fell in sympathy. Looking ahead, with earnings season still a few weeks away, investors should remain focused on Washington politics.
Posted on Monday, March 27, 2017 @ 8:20 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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