The Washington Post - 03.03.2020

A24 eZ re THE WASHINGTON POST.TUESDAy, MARCH 3 , 2020

tHe MArKets

6 Monitor your investments at washingtonpost.com/markets data and graphics by

MAMJJASONDJFM

7,300

8,500

9,900

'19

S&P 500 Industry Group Snapshot

Industry Group

Daily %

Chg

-62.4% Chg % 1Yr +62.4%

Computers & Peripherals 8.9

Power Prodct & Enrgy Trdr 8.9

Food & Staples Retailing 7.8

Health Care Providers 6.7

Household Products 6.2

Water Utilities -3.2

Machinery 0.4

Road & Rail 0.6

Airlines 1.0

Air Freight & Logistics 1.4

$1000 invested over 1 Month

Britain £

0.78

Bloomberg

MAMJJASONDJFM

24,810

27,180

29,560

'19

Futures Close 1D % Chg
Copper 2.60 2.2
Crude Oil 46.75 4.4
Gold 1594.80 1.8
Natural Gas 1.76 4.3
Orange Juice 0.99 3.6

Futures Close 1D % Chg

Silver 16.74 1.7

Sugar 13.81 -2.3

Soybean 9.01 0.9

Wheat 5.23 -0.3

Corn 3.76 2.0

Currency Exchange

2-yr note

Yield:

0.88%

Bank Prime

4.75%

Exchange-Traded
(Ticker) 1D % Chg
$500 $1201

Coffee (COFF.L) 5.5
Copper (COPA.L) 1.6
Corn (CORN.L) 2.1
Cotton (COTN.L) 3.6
Crude Oil (CRUD.L) 4.9
Gasoline (UGAS.L) 2.4
Gold (BULL.L) 0.4
Natural Gas (NGAS.L) 3.1
Silver (SLVR.L) 0.1

Close

8,952.17

1D % Change

4.6%

LIBOR 3-Month

1.46%

Consumer Rates

1D % Change

4.5%

Money Market Natl

0.50

1-Yr ARM

3.46%

Gainers and Losers from the S&P 1500 Index

Company Close

1D %

Chg

Exterran Corp 6.60 29.4

Core-Mark Holding Co 27.66 20.2

Bonanza CreekEnerg y19.09 17.2

Cincinnati Bell Inc 14.88 14.0

GEO Group Inc/The16.52 12.8

Coca-Cola Cons 221.02 12.5

Momenta Pharma31.35 10.8

Stericycle Inc 63.60 10.7

Costco Wholesale 309.14 10.0

Ligand Pharma 102.79 9.8

Apple Inc 298.81 9.3

BJ's Wholesale Club 21.06 9.3

Ingevity Corp 49.13 9.1

Masimo Corp 178.06 9.0

Crown Castle Intl 156.24 9.0

AES Corp/VA 18.22 8.9

Seneca Foods Corp 37.81 8.9

S&P Global Inc 289.31 8.8

B&G Foods Inc 16.09 8.7

Cincinnati Financial 101.36 8.7

Company Close

1D %

Chg

Calavo Growers Inc 55.22 -23.8

Gulfport Energy Corp 0.65 -21.0

Chesapeake Energy 0.22 -20.9

CONSOL Energy Inc 5.01 -12.0

Laredo Petroleum Inc 0.96 -11.2

Cooper-Standard Inc 15.37 -11.1

Penn Virginia Corp 14.37 -9.6

Valaris plc 3.34 -9.5

Akorn Inc 1.05 -9.5

Eldorado Resorts Inc 45.43 -9.5

WA Prime Group 2.50 -9.1

Eagle Pharma /DE 41.86 -8.8

Lydall Inc 10.87 -8.7

Koppers Holdings Inc 20.03 -8.4

Rayonier Adv Matrl 2.25 -8.2

Whiting Petroleum 1.70 -8.1

Callon Petroleum Co 2.09 -7.9

ANI Pharmaceuticals 44.26 -7.8

United Natural Foods 5.97 -7.7

Foot Locker Inc 33.67 -7.1

5Yr CD Natl

1.37

5-yr note

Yield:

0.92%

RATES

NASDAQ COMPOSITE INDEX

$1000 invested over 1 Year

6Mo CD Natl

0.75

Japan ¥

108.33

Mexico $

19.41

MAMJJASONDJFM

2,740

3,060

3,390

'19

YTD % Change

-0.2%

Close

26,703.32

New Car Loan Natl

4.46

Asia Pacific -9.8% +9.8%

S&P/ASX 200 INDEX 6391.52 -0.8

CSI 300 INDEX 4069.67 3.3

HANG SENG INDEX 26291.68 0.6

NIKKEI 225 21344.08 1.0

Europe -11.7% +11.7%

STXE 600 (EUR) Pr 375.97 0.1

CAC 40 INDEX 5333.52 0.4

DAX INDEX 11857.87 -0.3

FTSE 100 INDEX 6654.89 1.1

10-yr note

Yield:

1.14%

Close

3,090.23

Dow Jones 30 Industrials

Company Close 1D %Chg Chg %YTD

3M Co 153.02 2.5 -13.5
AmerExpCo 113.87 3.6 -9.1
Apple Inc 298.81 9.3 0.1
Boeing 289.27 5.1 -11.3
Caterpillr 127.60 2.7 -13.9
Chevron 96.59 3.5 -20.2
Cisco Sys 41.17 3.1 -15.0
Coca-Cola 55.92 4.5 0.5
Dow Inc 41.42 2.5 -24.9
ExxonMobil 53.88 4.7 -23.3
Gldman Schs 209.47 4.3 -9.6
Home Depot 229.94 5.6 4.5
IBM 134.30 3.2 -0.5
Intel Corp 58.18 4.8 -3.7
J&J 140.02 4.1 -4.4

Company Close 1D %Chg Chg %YTD

JPMorgan 121.52 4.7 -13.5

McDonald's 202.55 4.3 1.9

Merck & Co 81.37 6.3 -10.7

Microsoft 172.79 6.7 7.9

NIKE Inc 92.68 3.7 -8.5

Pfizer Inc 34.88 4.4 -11.4

Prcter& Gmbl 119.56 5.6 -4.6

Travelers Cos I 127.68 6.6 -7.5

UnitedTech 134.07 2.7 -11.0

UntdHlthGr 273.11 7.1 -7.6

Verzn Comm 57.32 5.8 -6.7

Visa Inc 192.33 5.8 1.8

Walgreens 48.11 5.1 -19.2

Walmart 115.88 7.6 -2.6

Walt Disney 119.98 2.0 -17.7

1Yr CD Natl

1.06

30-Yr Fixed mtge

3.62%

COMMODITIES EU €

0.90

INTERNATIONAL STOCK MARKETS

6-month bill

Yield:

1.06%

YTD % Change

-4.4%

15-Yr Fixed mtge

3.07%

Canada $

1.33

1D % Change

5.1%

Note: Bank prime is from 10 major banks. Federal Funds rate is the market

rate, which can vary from the federal target rate. LIBOR is the London

Interbank Offered Rate. Consumer rates are from Bankrate. All figures as of

4:30 p.m. New York time.

Federal Funds

1.75%

Markets YTD % Chg

Americas Close

Daily

% Chg

-7.8% +7.8%

BRAZIL IBOVESPA INDEX 106625.40 2.4

S&P/TSX COMPOSITE INDEX 16553.26 1.8

S&P/BMV IPC 42167.24 2.0

Home Equity Loan Natl

6.31

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Brazil R$

4.48

YTD % Change

-6.4%

“questions about the legality of

the individual ‘mandate’ are

purely academic, and people can

purchase insurance — or not —

as they please.”

As for sending back to the

lower court the question of

whether the rest of the law

remains intact, King wrote: “A n-

swering that question should be

easy, since Congress removed the

coverage requirement’s only en-

forcement mechanism but left

the rest of the Affordable Care

Act in place.”

The Supreme Court’s decision

essentially short-circuits the de-

cision about the need for further

lower court review, and the jus-

tices will make such decisions on

their own.

In 2012, the court upheld the

mandate that most Americans

obtain insurance or pay a penal-

ty, saying it fell under Congress’s

taxing power. roberts drew the

lasting enmity of some conserva-

tives when he said the court’s job

was to save the work of Congress

if there was a way to square it

with the Constitution.

In 2015, roberts and the

court’s liberals were joined by

Justice Anthony m. Kennedy,

who is now retired, in upholding

the law against another chal-

lenge. It involved tax subsidies.

[email protected]

Mike deBonis and Amy Goldstein

contributed to this report.

eventually agreed with that as-

sessment.

on monday, House Speaker

Nancy Pelosi (D-Calif.) chastised

the administration for targeting

the law while health officials

throughout the United States

race to contain the spread of a

highly infectious respiratory dis-

ease that has caused more than

3,000 deaths globally.

“Even in the middle of the

coronavirus crisis, the Trump

Administration continues to ask

the court to destroy protections

for people with pre-existing con-

ditions and tear away health

coverage from tens of millions of

Americans,” she said in a state-

ment, calling the law “even more

critical during a dangerous epi-

demic.”

When the 5th Circuit consid-

ered the district judge’s decision,

the panel split 2 to 1.

The two republican-appoint-

ed judges on the panel — Kurt D.

Engelhard and Jennifer Walker

Elrod — s aid that because Ameri-

cans are free to ignore the insur-

ance requirement with no risk of

penalty, the “attributes that

saved the statute because it could

be read as a tax no longer exist.”

They voted to send the case

back to the district judge for a

closer look at whether parts of

the law could survive.

In her dissent, Judge Carolyn

Dineen King, nominated by Pres-

ident Jimmy Carter, wrote that

age that millions of people rely

upon, we l ook f orward to making

our case in defense of the ACA,”

California Attorney General

Xavier Becerra, whose office had

led the Democratic effort, said in

a statement after the court’s

announcement. “A merican lives

depend upon it.”

Te xas Attorney General Ken

Paxton, one of the few republi-

cans commenting monday on t he

court’s decision to take the case,

said he looks forward to defend-

ing the decision of the U.S. Court

of Appeals for the 5th Circuit.

“Without the individual man-

date, the entire law becomes

unsupportable,” Paxton said in a

statement. “The federal govern-

ment cannot order private citi-

zens to purchase subpar insur-

ance that they don’t want, and I

look forward to finally settling

the matter before the U. S. Su-

preme Court.”

Paxton’s case began after the

republican-led Congress in 2017,

unable to secure the votes to

abolish the law, reduced the

penalty for a person not buying

health insurance to zero. Paxton

argued that in doing that, Con-

gress had removed the essential

tax element that the Supreme

Court had found made the pro-

gram constitutional.

A district judge in Te xas

agreed and said the entire law

must fall.

The Trump administration

tee.
Democratic presidential can-
didate Joe Biden, the vice presi-
dent when President Barack
obama secured his most impor-
tant domestic achievement, is-
sued a statement: “This fall,
Donald Trump will be trying to
get the Supreme Court to strike
down obamacare — ripping
health insurance away from
30 million Americans, ending
protections for 100 million more
with preexisting conditions, de-
stroying families, and costing a
million jobs. I’ll be fighting to
end Donald Trump’s administra-
tion.”
republican reaction was al-
most nonexistent, even though
President Trump has made abol-
ishing the law a priority. While
he has said he will preserve some
of the program’s most popular
provisions — such as guaranteed
coverage for preexisting condi-
tions — he has not put forward a
plan.
The court’s review will come
in the t erm t hat begins in the fall.
It is one of the first cases accept-
ed for that docket, and if the
court follows its usual pattern,
oral arguments would be in oc-
tober. But the timing is up to the
justices.
A decision would not be likely
until the spring or summer of

2021. The law remains in effect
      during the legal challenges.
      It w ill be the Supreme Court’s
      third consideration of the legal
      merits of the Affordable Care
      Act. And while the court has
      become more conservative with
      the addition of Trump’s two
      nominees, the majority of five
      justices who have sided with
      the ACA in the past remains
      intact.
      In both cases, Chief Justice
      John G. roberts Jr. has joined
      with the court’s liberals — ruth
      Bader Ginsburg, Stephen G.
      Breyer, Sonia Sotomayor and El-
      ena Kagan — in voting against
      the challenges. Some Democrats
      were open in their hopes that the
      court take up the next challenge
      before there were any changes to
      that group.
      The court had earlier turned
      down a request from Democrat-
      ic-led states and the House of
      representatives to hear the case
      this spring.
      The latest ACA suit was orga-
      nized by republican attorneys
      general in Te xas and other red
      states. When the Trump adminis-
      tration declined to defend the
      law, a coalition of Democratic-
      led blue states entered.
      “A s Te xas and the Trump Ad-
      ministration fight to disrupt our
      health care system and the cover-

court from A1

High court to hear ACA case next term

JAcQUelyn MArtIn/AssocIAted press

Supporters of the Affordable care Act hold signs o utside the Supreme court i n 2015, as the justices

prepared to announce a decision about the law.  Find a video about the newest case at wapo.st/court.

BY ROBERT BARNES

The Supreme Court appeared

divided along predictable ideo-

logical lines monday when con-

sidering whether an asylum

seeker who failed his initial

screening has a constitutional

right to judicial review.

During the argument, con-

servative justices were con-

cerned over what a government

lawyer said would be a “flood”

of such requests, frustrating

Congress’s intention of subject-

ing those found quickly after

crossing the border to expedit-

ed removal if their claims were

unwarranted.

The court’s liberals seemed

worried about giving such

power to administration offi-

cials without some check on

whether they are following the

rules.

A person seeking asylum is

advancing “the best kind of

claim you can make to stay in

this country, which is that if we

turn you back, you’ll be subject

to torture or persecution,” said

Justice Elena Kagan. Why

should he not be able to have a

court review “a pretty basic

question: Did the executive offi-

cer follow the rules that he was

supposed to follow?”

But Deputy Solicitor General

Edwin S. Kneedler said it is for

Congress to determine the rules

in the “limited and focused con-

text” o f a person who has entered

the country illegally and, “none-

theless, is asking for basically

mercy.”

The case involves Vijayaku-

mar Thuraissigiam, who fled Sri

Lanka in 2016 and was arrested

in 2017 about 25 yards north of

the mexican border in San

Ysidro, Calif. He was placed on

track for expedited removal.

That system, which dates to

1996, allows U.S. officials to

quickly remove those who have

just crossed the border illegally,

but it has an exception for those

seeking asylum.

Thuraissigiam, a farmer and a

member of Sri Lanka’s Ta mil

minority, described being beaten

by strangers in h is h ome c ountry.

But an official said that did not

establish a credible case that he

was persecuted.

Thuraissigiam went to federal

court, where a district judge said

the law did not entitle him to

review. But the U. S. Court of

Appeals for the 9th Circuit dis-

agreed.

Because Thuraissigiam had

made it to the United States,

American Civil Liberties Union

lawyer Lee Gelernt told the jus-

tices that his client had the

constitutional right to challenge

his detainment by the govern-

ment.

“This court has never before

allowed the elimination of ju-

dicial review over the legality

of deportations,” Gelernt told

the justices. He added: “The

political branches undoubted-

ly have enormous power in the

immigration area, but the one

thing it cannot do, and this

court has never allowed them

to do, is remove a check on

themselves.”

But Justice Samuel A. Alito Jr.

said the traditional habeas cor-

pus right — t he right to c hallenge

government detention — does

not exist in this case.

“Your client really doesn’t

want to be released,” Alito said.

“The government could take him

to the airport, give him a ticket

and say, you are released, and he

could leave. That’s not what he

wants. And the fundamental

point of habeas is to secure

release from what’s claimed to be

unlawful executive custody.”

Gelernt replied: “He would be

thrilled to just be outright re-

leased and have the order vacate.

... Then he would be in this
country, and he would apply for
asylum affirmatively.”
Justice Brett m. Kavanaugh
suggested Gelernt had gone too
far when he said judicial review
could be required for those who
had o nly made i t to ports of entry
to the United States.
“You are saying a noncitizen
who arrives at a port of entry,
has never been in the United
States, not lawfully admitted to
the United States, nonetheless
has a right under the U.S. Consti-
tution to judicial review of the
executive’s decision to say
they’re not admissible?” Ka-
vanaugh asked.
Gelernt said yes, but that it
would b e more l imited than what
Kavanaugh seemed to imply.
“I think the people who come
here and don’t have asylum
claims or those type of claims
that are clearly inadmissible are
not going to file habeas peti-
tions,” he said. “No one’s going to
file them because there’s not
going to be a ground to stay
here.”
The case is Department of
Homeland Security v. Thurais-
sigiam.
[email protected]

In asylum case, justices

differ on j udicial review

Conservatives foresee

‘flood’ of claims; liberals

focus on checks, rules