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DAILY MARKET WRAP UP!

  Uncertainty About Obamacare Repeal Leads To Choppy Trading – U.S. Commentary  

Following the sell-off seen in the previous session, stocks turned in a relatively lackluster performance during trading on Wednesday. The major averages eventually ended the session mixed.

While the Dow edged down 6.71 points or less than a tenth of a percent to 20,661.30, the Nasdaq climbed 27.82 points or 0.5 percent to 5,821.64 and the S&P 500 rose 4.43 points or 0.2 percent to 2,348.45.

The choppy trading on Wall Street was partly due to uncertainty about the fate of the Republican plan to repeal and replace Obamacare.

The latest reports suggest House Republicans may not have the votes to pass their healthcare plan in a vote expected to be held on Thursday.

The Republican plan faces an even tougher uphill climb in the Senate, raising concerns about what the GOP can accomplish even with a unified government.

If the healthcare bill fails, it could imperil President Donald Trump’s other policies such as tax reform and increased infrastructure spending.

On the U.S. economic front, the National Association of Realtors released a report showing a bigger than expected pullback in existing home sales in the month of February.

NAR said existing home sales tumbled by 3.7 percent to an annual rate of 5.48 million in February after jumping by 3.3 percent to a rate of 5.69 million in January. Economists had expected sales to drop to 5.58 million.

The bigger than expected decrease came after existing home sales surged up to their highest rate in almost ten years in the previous month.

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