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The Dow Jones Industrial Average closed at a record for a sixth session in a row while the broader market faltered on weak energy and consumer discretionary shares. An announcement by President Donald Trump that a new health plan to replace the Affordable Care Act is likely by March ahead of his proposed tax reform also dampened sentiment. Investors had been bidding up stocks in anticipation of Trump’s tax cuts which are widely viewed as pro-business and supportive of the economy. The Dow rose 8 points to finish at 20,620. The S&P 500 fell 2 points to close at 2,347 while the Nasdaq Composite Index dropped 4 points to close at 5,814.

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From:: Stock Market News

Oil prices settled modestly higher Thursday, as a report that the Organization of the Petroleum Exporting Countries may extend its production cut agreement with non-OPEC members, helped prices rebound from earlier losses. The news from Reuters was seen as a “bullish development as traders were beginning to have doubts about future compliance among those who agreed to cut production, especially in the face of rising U.S. output,” said Tyler Richey, co-editor of The 7:00’s Report. March West Texas Intermediate crude rose 25 cents, or 0.5%, to settle at $53.36 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

WASHINGTON (MarketWatch) — President Donald Trump said Thursday his administration would be submitting a health care proposal in March. Trump campaigned on repealing and replacing the Affordable Care Act. He said a health care plan would come before tax reform.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

WASHINGTON (MarketWatch) — President Donald Trump said Thursday his administration would be submitting a health care proposal in March. Trump campaigned on repealing and replacing the Affordable Care Act. He said a health care plan would come before tax reform.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Gold futures climbed Thursday to finish at their highest level in more than three months. Weakness in the U.S. dollar and equities and a decline in Treasury yields combined to lift investment demand for the metal. April gold rose $8.50, or 0.7%, to settle at $1,241.60 an ounce, the highest finish for a most-active settlement since Nov. 10, according to FactSet data.

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From:: Stock Market News

WASHINGTON (MarketWatch) — President Donald Trump said Thursday he has asked the Justice Department to probe leaks from his administration to the media. “We are looking into that very seriously. It’s a criminal act,” Trump said at a White House news conference.

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WASHINGTON (MarketWatch) — For the first time, President Donald Trump articulated the reasons he accepted the resignation of Mike Flynn as head of the National Security Council. Trump said it was because of how Flynn recounted his conversation with the Russian ambassador to Vice President Mike Pence, and Flynn’s later account that he couldn’t remember. Trump added that another reason he accepted Flynn’s resignation is that he had someone in mind to replace him.

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At a rambling press conference ostensibly to announce the new nominee to be labor secretary, Alexander Acosta, President Donald Trump falsely stated the magnitude of his Electoral College victory as he recounted his post-election actions and called his cabinet a “fine-tuned machine.” He called the victory the largest since Ronald Reagan, but Barack Obama and Bill Clinton twice topped the 304 Electoral College votes Trump received, as did George H.W. Bush. Trump said he will unveil a new executive order next week “to protect our people.”

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House Speaker Paul Ryan said Thursday that Republicans plan to introduce legislation for the repeal and replacement of the Affordable Care Act after Feb. 20, or President’s Day. The House of Representatives’ first day back in session is Feb. 27, according to its calendar. The timing is this way because “we’re waiting for our scores” from the Congressional Budget Office and the Joint Committee on Taxation, Ryan said. “Pending our drafting issues, we’re going to be bringing it out after the… district work period,” or the period between Feb. 21 and Feb. 24 during which representatives are supposed to travel home for constituent issues. Ryan did not elaborate during Thursday’s press conference about the details of the replacement plan, but his statement comes in contrast with reports from a Philadelphia retreat last month that Republican lawmakers could not agree on the plan’s specifics. Ryan’s announcement this week comes on the heels of a Humana announcement that the company plans to withdraw from the ACA’s exchanges and a Wednesday statement by Aetna Chief Executive Officer Mark Bertolini that the health law was in a “death spiral.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News