>> The mighty US consumer coming to Wall Street's rescue Tuesday after eight days of selling. A jump in consumer confidence to a 16-year high, helping investors put the fight over healthcare reform and worries about what that could mean for Trump's economic agenda on the back burner. I'm Conway Gittens in New York.
A report showing a rise in consumer optimism to levels not seen since the year 2000. Reminding investors that even if President Trump's economic agenda like tax cuts and infrastructure spending are delayed, the economy is still flexing its muscles. The consumer confidence report fueling a rally in banks which were punished in recent days.
Investors are now betting robust consumer demand will lead to more borrowing of money for big ticket items like cars and home, resulting in higher profits for the banks. Goldman Sachs and J.P. Morgan Chase leading the sector's rebound. But in a sign Washington is still a risk for the market, hospital stocks falling after House Speaker Paul Ryan backtracked on his pledge last week to leave healthcare alone.
He announced Tuesday, Republicans will continue to push to repeal the Affordable Care Act. The return of an uncertain future, pushing shares of Tenet Healthcare and Community Health Systems down for the day.