Brocker.Org: STOCKS DO NOTHING: Here’s what you need to know

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Stocks finished Thursday little changed as the Trump
administration creeps closer to the psychologically important 100
day mark on Saturday.

The Dow and S&P 500 held flat, while the Nasdaq climbed
a bit into the green to a new all-time high.

First up, the scoreboard:

  • Dow: 20,981.33, +6.24, (+0.03%)
  • S&P 500: 2,388.77, +1.32, (+0.06%)
  • Nasdaq: 6,048.94, +23.71, (+0.39%)
  • US 10-year yield: 2.296%, -0.015
  • WTI crude oil: $49.27, -0.35, (-0.71%)

1. It
looks like the US economy just ground to a
halt
The Department of Commerce will publish its
first estimate of US economic growth in the first quarter of
2017 on Friday, and it may show that the economy barely grew at
all. 
The Atlanta Fed’s widely followed GDPNow
tracker fell to an all-time low of 0.2% for the first
quarter, while economists surveyed by
Bloomberg forecast gross domestic product
increased at an annual rate of
1%. 

2.
The Mexican peso climbed after the Trump administration said
that, actually, it isn’t going to terminate NAFTA
. The peso
was up by about 1.3% around 7:30 a.m. ET, but retraced some of
those gains later in the day.


3.

Trump went on a raging tweetstorm against Democrats over
negotiations to avoid a government
shutdown


“I promise to rebuild our
military and secure our border,” the president tweeted.
“Democrats want to shut down the government.
Politics!” The current funding bill for the federal
government expires Friday, and if a spending bill is not passed
by then, parts of the federal government will shut
down.

4.
Durable goods orders rose by less than expected in
March
Orders for things designed to last for
three or more years rose by 0.7%, a third-straight monthly
increase. 
Excluding volatile transportation
orders, so-called core durable goods fell by 0.2%, dragged by
lower orders for communications equipment and
computers. 

5. Initial
jobless claims, which count the number of people who applied for
unemployment insurance for the first time, climbed
by 14,000
to 257,000, above economists’ expectations. “Breaking
economy news. Unemployment claims higher and
business new
equipment orders turn sideways with decision-making
apparently thrown into limbo as companies wait for signs that any
of the myriad of proposals by the Trump administration will ever
become law,” Chris Rupkey, an economist at MUFG Union
Bank,
 said in an email after the data crossed.

6.
Oil tumbled after Libya ramped up production at 2 key oil
fields
West Texas Intermediate crude oil traded
down 1.1%, or $0.52, at $48.69 a barrel as of
12:51 p.m. ET after Libya announced it’s restarting
production at its 
Sharara
and
 El Feel oil fields. The fields have a
combined capacity of nearly 400,000 barrels per
day
, Reuters says. 

7. Bitcoin
spiked to an all-time high
The cryptocurrency
was up 2.9% at $1,330 a coin around 10:17 a.m.
ET. 2017 has been a volatile year for bitcoin. It
rallied more than 20% in the opening week before crashing 35% on
word that

China was going to begin to crack down on
trading
.

ADDITIONALLY:


Trump’s super-rich cabinet is shaking up DC’s housing market
.

Trump’s
tough stance on Canada “boils down to political theater.”


Here’s how the “biggest tax cut in history” could impact
stocks
.


Traders are looking at a popular stock market measure all
wrong
.


Here’s what doctors think about the updated Obamacare replacement
plan
.


The Trump tax plan will likely look totally different if it is
actually passed
.


TREASURY SECRETARY MNUCHIN: The “objective” of Trump’s plan is a
middle-class tax cut, but “I can’t make any guarantees.”


Trump said he wont “give billions” to Democrats in Obamacare
funding to avoid a government shutdown

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