Health Industries Keep Careful Eye On Capitol Hill Action
The flux surrounding the House health bill vote injects uncertainty into the health care stock markets while hospitals voice worries regarding the changes Republicans have proposed. Meanwhile, the U.S. Chamber of Commerce president urges lawmakers to follow through with repeal efforts.
Bloomberg:
Wall Street Frets Over Health Vote's Impact
As Republicans in Congress tried to wrangle enough votes to pass their health care bill Thursday, the S&P 500 Index swung from a gain to a loss, continuing its worst selloff of the Trump era. Meanwhile demand rose for traditional safe havens like Treasuries. By the close of trading, the GOP had decided to delay the vote as conservatives mulled a proposal from the Trump administration. The S&P 500 finished down 0.1 percent, while the Dow Jones Industrial Average was essentially flat and the Nasdaq 100 Stock Index fell 0.2 percent. (Burger, 3/23)
Bloomberg:
Hospital Stocks Head For Rocky Ride Through Obamacare Repeal
Investors in hospital stocks are banking on a key idea: the GOP’s final overhaul of Obamacare won’t be as bad as it looks right now. The current version of American Health Care Act, headed for a House floor vote Thursday, would slash billions from health spending and raise insurance costs for many, according to an analysis by a nonpartisan government body. That would be bad news for hospitals, which must take care of sick patients whether or not they can pay. (Greifeld, 3/23)
Bloomberg:
Treasuries Swing As Consensus Eludes GOP On Health-Care Bill
Treasuries were little changed after a series of price swings driven in part by shifting odds of Republicans reaching agreement on a health-care bill that had been slated for a House vote Thursday. Yields were within a basis point of Wednesday’s closing levels at 4:15 p.m. in New York after a flurry of late activity in which the House first confirmed that the vote was delayed, followed by more upbeat comments from House Freedom Caucus Chairman Mark Meadows. Earlier, yields had reached session lows concurrently with U.S. equities after House Republicans postponed a planned meeting on the bill, began to rebound after the Ways and Means Committee Chairman said the party was near agreement, and retreated anew after the House Freedom Caucus left a White House meeting without reaching an accord. (Stanton, 3/23)
Marketplace:
Hospitals Worry As Obamacare Repeal Vote Approaches
The AHA launched a media campaign against the bill and brought dozens of hospital leaders to lobby members of Congress. The real danger, Pollack said, is that the hospital would have to absorb the cost of care for the uninsured patients. So as executives have made their case to lawmakers, one message they carry is that hospitals are businesses. (Gorenstein, 3/23)
Reuters:
Uncertain Fate Of Obamacare Causes Some Hospitals To Halt Projects, Hiring
Uncertainty surrounding the Republican plan to replace Obamacare is forcing some U.S. hospitals to delay expansion plans, cut costs, or take on added risk to borrow money for capital investment projects, dealing an economic blow to these facilities and the towns they call home. (Respaut and Abutaleb, 3/23)
The Wall Street Journal:
U.S. Chamber of Commerce Chief Tells House GOP: Pass Health Bill Now, Improve It Later
Tom Donohue, the president of the U.S. Chamber of commerce, has a plea for lawmakers wavering in their support for the GOP’s health-care overhaul: stick with it if you want a better outcome. Speaking in a Thursday morning interview, Mr. Donohue said it was imperative for lawmakers to keep their eyes on the ultimate prize – repealing and replacing the 2010 Affordable Care Act. Even if the House Republicans’ bill falls short of their various desires, he said, the only way to improve the bill is to pass it and continue work in the Senate. (Hackman, 3/23)
