US stocks traded lower all day long, following a mixed trade in Asia (Japan down, China up) and the STOXX 600 down 0.15% in Europe. US concerns included the highest trade deficit since 2012, and the Republicans' ObamaCare replacement that was introduced today: the American Health Care Act. There are also increasing questions about how much Trump's ambitious policies will match expectations as and if they are implemented.
Bonds remained under pressure, as attention shifted from whether March would see a Fed rate hike (odds now are closing in on 100%), to how many other rate hikes 2017 will see. The 10-year Treasury finished with a 2.516% yield. That helped keep the dollar strong, and its index closed at 101.79, up 0.10%.
Crude oil dropped a few ticks, finishing at $53.11/bbl, not nearly enough to explain the drops in energy stocks, which in turn put pressure on the overall stock market. ... Log in or subscribe to continue reading.