Markets, ETF Mixed as New Health Care Plan Unveiled

February 22nd at 10:00am by Tom Lydon

As new credit card reforms kick in and President Barack Obama makes a last-ditch effort to salvage the health care reform movement, the markets and exchange traded funds (ETFs) appeared unmoved in either direction.

Obama unveiled a $1 trillion, 10-year compromise on the health care plan that would enable the government to block or scale back premium increases, reports the Associated Press. He then demanded a “yes or no” vote on this plan, or something resembling it. The plan is very similar to one already passed by the Senate. Health care ETFs seem little moved by the new plan; Health Care Select Sector SPDR (NYSEArca: XLV) is down about 0.25% this morning.

Lingering concerns about Greece’s sovereign debt are pulling down the euro in early trading. A German finance ministry spokesperson said no decision about Greece’s debt has been made, and that Greece’s government will meet with a group that includes the International Monetary Fund (IMF), European Central Bank and the European Commission, reports Fabio Alves for The Wall Street Journal. Currency Shares Euro Trust (NYSEArca: FXE) is flat this morning.

Crude oil prices are retreating from six-week highs as watchers eye a refinery workers’ strike in France. Workers are striking at Total’s refineries on plans to cut back on processing capacities. The strike has many concerned that gas supplies could be restricted, raising prices, reports Claire Rangel for The Wall Street Journal. PowerShares DB Oil (NYSEArca: DBO) is flat so far today.