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Market View

 

  • Crude oil price higher on tension between Iraqi and Kurdish troops

  • 170 companies scheduled to report earnings this week

  • Empire State Index tops expectations by a wide margin

  • Chinese Communist Party Congress meets this Wednesday

October 16, 2017

'Tis the Season -- Again

Many major equity market indices last week extended their run to new highs, but the pace slowed relative to prior weeks. Throughout the week market narratives included references to prospects for a tax bill, but this was not the only reference to news from Washington D.C. that could impact the market. The White House said it would end subsidies to health insurance companies that help pay out-of-pocket costs for certain Affordable Care Act (ACA) participants. This change came shortly after an executive order made it easier for individuals and small businesses to buy alternative types of health insurance with lower prices, fewer benefits, and weaker government protections. The stocks of many healthcare insurers fell sharply on these news items.

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