Traders Focus on Washington Ahead of Key Vote

March 28, 2017
Traders Focus on Washington Ahead of Key Vote

Traders Focus on Washington Ahead of Key Vote

By Investors Hub

The major U.S. index futures are pointing to a modestly lower opening on Tuesday following the mixed performance seen in the previous session. Traders may remain reluctant to make any significant moves amid a continued focus on developments in Washington.

Following last Friday’s decision by House Republicans to withdraw a bill to repeal and replace Obamacare, traders have expressed uncertainty about President Donald Trump’s ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.

After initially coming under pressure, stocks showed a lack of direction during trading on Monday. The major averages spent the day bouncing back and forth across the unchanged line.

While the Nasdaq inched up 11.64 points or 0.2 percent to 5,840.37, the Dow slipped 45.74 points or 0.2 percent to 20,550.98 and the S&P 500 edged down 2.39 points or 0.1 percent to 2,341.59.

The initial drop by stocks came amid weakness overseas following the decision by Republican leaders to withdraw their bill to repeal and replace Obamacare.

Late in the trading day last Friday, House Republican leaders decided to withdraw the bill amid indications of a lack of support.

The move came despite vigorous efforts by President Donald Trump and House Speaker Paul Ryan, R-Wis., to build support for the legislation.

A number of more conservative lawmakers opposed the bill amid criticism that it did not go far enough to repeal the provisions of Obamacare.

Moderate Republicans were also concerned about predictions the plan would cause millions of people to lose their insurance.

Even if the Republican healthcare bill had been approved by the House, the legislation was expected to face an even tougher uphill battle in the Senate.

The inability to advance the bill has cast doubt on Trump’s ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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