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Daily Recap

Stocks headed sharply lower in Asia last night, responding to similar declines in the US yesterday.  European shares also sold off, though not as much, with the STOXX 600 index finishing down 0.44%.

 

In the US, stocks were mixed as traders continued to worry about the fate of the Republican health care plan.  With the latest guesses showing not enough Republican votes to pass the thing, the concern is that a delay there would push back the more important (to investors) tax, government spending, and regulation changes on which the post-election rally has been premised. 

 

Oil prices sold off, based once again on larger US inventories.  West Texas crude was down 1.5% earlier, but rallied to close just a few cents below yesterday’s price.  The US dollar index similarly closed just a few ticks lower, staying below the 100 mark.  Bonds rallied a bit more, pushing the 10-year Note’s yield down to 2.402%.  

 

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