Mar 27, 2017

Markets tank after Trumpcare failure

Peter Morgan/AP

The Dow fell as much 140 points in the early hours of trading Monday, as investors digested the Trump Administration's failure to advance healthcare reform. Traders are worried that the lack of unity among Republicans on healthcare means that it will be unable to come to agreement on corporate tax cuts or infrastructure spending.

Data: Money.net; Chart: Andrew Witherspoon / Axios

The dollar also fell on Monday, with the U.S. currency's value droping to its lowest level since November 11th, when measured against a basket of competing currencies.

Word on the street: Investors have reined in their expectations of comprehensive tax reform, but still see a path to a deal that allows U.S. multinationals to "repatriate" foreign earnings at lower tax rates, which would both raise government revenue and allow companies to distribute more income to shareholders.

Update: Markets won back some of these losses, with the Dow closing down 46 points, or 0.22%, and the S&P 500 ending the day down 2.4 points, or 0.10%.

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Wall Street has its best year since 2013

Data: FactSet; Chart: Axios Visuals

Wall Street had its biggest annual gain in six years — with the S&P 500 rising 29% and the Nasdaq Composite rising 35% in 2019. The Dow lagged behind other indices, but saw its biggest yearly gain since 2017.

Why it matters: U.S. stocks rebounded from 2018's year-end meltdown to log impressive gains, despite uncertainty stemming from the trade war and a slowdown in economic growth.

Warren on economists criticizing her wealth tax: "They're just wrong"

Sen. Elizabeth Warren said at the Democratic debate Thursday that economists who claim her wealth tax proposal would stifle growth and investment are "just wrong."

Why it matters: Warren's riff on the wealth tax, in which she emphasized how "a two cent tax" on fortunes of $50 million and above, has become a core part of her stump speech.

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Keep ReadingArrowDec 20, 2019

The stock market's quiet end to 2019

Data: Money.net; Chart: Axios Visuals

The S&P 500 rose half a percent on Thursday to top the 3,200 level for the first time.

The big picture: A year that saw equity prices whipsawed by trade war uncertainty and recession fears is ending (so far) on a relatively quiet note.

Go deeperArrowDec 20, 2019