Mar­kets

Austin American-Statesman - - BUSI­NESS -

0.2 per­cent, to 5,828.74. The Rus­sell 2000 in­dex of smaller-com­pany stocks added 1.22 points, or 0.1 per­cent, to 1,354.64.

Trad­ing was rel­a­tively quiet, which may have con­trib­uted to the big fluc­tu­a­tions.

Hos­pi­tals and in­sur­ers that do a lot of busi­ness with Med­i­caid cel­e­brated the demise of the bill. HCA Hold­ings, the largest U.S. hospi­tal com­pany, climbed $2.87, or 3.5 per­cent, to $86.04 and Com­mu­nity Health Sys­tems jumped 84 cents, or 9.7 per­cent, to $9.54. Among Med­i­caid-fo­cused com­pa­nies, Cen­tene and Molina Health­care each gained about 5 per­cent.

The Amer­i­can Health Care Act would likely have left more Amer­i­cans unin­sured and would make big changes to Med­i­caid, a joint fed­eral-state health pro­gram for low-in­come Amer­i­cans. Those stocks fell when it was in­tro­duced be­cause in­vestors were con­cerned that hos­pi­tals would have to take in more pa­tients who lack

With the 2010 Af­ford­able Care Act alive for an­other day, in­sur­ance com­pa­nies slumped. Cigna fell $3.36, or 2.3 per­cent, to $142.82.

in­sur­ance and that in­sur­ers would get less money from Med­i­caid.

With the 2010 Af­ford­able Care Act alive for an­other day, in­sur­ance com­pa­nies slumped. Cigna fell $3.36, or 2.3 per­cent, to $142.82 and An­them shed $2.63, or 1.6 per­cent, to $126.77.

With Trump and ma­jor­ity Repub­li­cans un­able to pass the first big item on their agenda, there were some signs of con­cern that his pro­pos­als of tax cuts, in­fra­struc­ture spend­ing, and reg­u­la­tory cuts will take longer. Those are as­pects of Trump’s pro­posed agenda Wall Street is ex­cited about.

Vul­can Ma­te­ri­als, a con­struc­tion ma­te­ri­als maker, sank $2.65, or 2.3 per­cent, to $112.74. Steel maker Nu­cor de­clined $1.50, or 2.4 per­cent, to $59.76. Con­struc­tion and machin­ery com­pa­nies also stum­bled. En­gine maker Cum­mins shed $1.45, or 1 per­cent, to $150.77 and Boe­ing sank $1.44 to $175.82.

Scan­lon, of Man­ulife, said in­vestors want Trump and Congress to come up with a real pro­posal that changes cor­po­rate taxes.

“Some­thing needs to be done with a per­ma­nent so­lu­tion, not just one of these hol­i­day things,” he said, be­cause “the goal is to be a stim­u­lus for do­mes­tic in­vest­ment.”

Bond prices rose slightly. The yield on the 10-year Trea­sury note fell to 2.41 per­cent from 2.42 per­cent.

U.S. crude oil fu­tures rose 27 cents to $47.97 a bar­rel in New York. Brent crude, used to price in­ter­na­tional oils, added 24 cents to $50.80 a bar­rel in Lon­don.

In other en­ergy trad­ing, whole­sale gaso­line gained 2 cents to $1.60 a gal­lon. Heat­ing oil rose 1 cent to $1.50 a gal­lon. Nat­u­ral gas added 3 cents to $3.08 per 1,000 cu­bic feet.

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