Friday, June 29, 2012 11:10:17 AM
Market reaction: Affordable Care Act
Thursday, June 28, 2012, the United States joined the rest of the civilized world in offering universal health coverage through the Affordable Care Act. In a landmark decision, the Supreme Court ruled on the Constitutionality of the mandate.
Democrats weere largely elated. “Millions of Americans are already seeing the benefits of this law,” said Senate Majority Leader Harry Reid, D-Nv., pointing to seniors saving money on prescriptions and the ban on denying coverage to those with pre-existing conditions.
“Soon, virtually every man, woman and child in America will have access to health insurance they can afford and the vital care they need,” he said in a speech on the Senate floor.
He described passage of the act as “the greatest single step in generations toward ensuring access to affordable, quality healthcare for every American — regardless of where they live or how much money they make.”
Republicans shore up ranks
Less than an hour after the Supreme Court largely upheld the federal health care law, U.S. Senate Minority Leader Mitch McConnell pledged to repeal the legislation.
In a speech on the Senate floor, McConnell said the court's 5-4 decision "doesn't mark the end of the debate. It marks a fresh start on the road to repeal."
The Kentucky Republican used the court's argument that the mandate to buy health insurance is a tax as fodder to repeal the controversial law.
"They knew that it would never have passed if they said it was a tax," McConnell said of the Patient Protection and Affordable Care Act. "The bill was sold to the American people on a deception."
The following morning, the venerable Dow Jones Industrial Index was up, as were also the utilities and the transports. So was the SPX. the Amex, and the Nasdaq composite.
Preserved here for posterity is the mid-morning reaction of the markets of the following day.
http://abcnews.go.com/images/Politics/HC%20PDF.pdf
Thursday, June 28, 2012, the United States joined the rest of the civilized world in offering universal health coverage through the Affordable Care Act. In a landmark decision, the Supreme Court ruled on the Constitutionality of the mandate.
Democrats weere largely elated. “Millions of Americans are already seeing the benefits of this law,” said Senate Majority Leader Harry Reid, D-Nv., pointing to seniors saving money on prescriptions and the ban on denying coverage to those with pre-existing conditions.
“Soon, virtually every man, woman and child in America will have access to health insurance they can afford and the vital care they need,” he said in a speech on the Senate floor.
He described passage of the act as “the greatest single step in generations toward ensuring access to affordable, quality healthcare for every American — regardless of where they live or how much money they make.”
Republicans shore up ranks
Less than an hour after the Supreme Court largely upheld the federal health care law, U.S. Senate Minority Leader Mitch McConnell pledged to repeal the legislation.
In a speech on the Senate floor, McConnell said the court's 5-4 decision "doesn't mark the end of the debate. It marks a fresh start on the road to repeal."
The Kentucky Republican used the court's argument that the mandate to buy health insurance is a tax as fodder to repeal the controversial law.
"They knew that it would never have passed if they said it was a tax," McConnell said of the Patient Protection and Affordable Care Act. "The bill was sold to the American people on a deception."
The following morning, the venerable Dow Jones Industrial Index was up, as were also the utilities and the transports. So was the SPX. the Amex, and the Nasdaq composite.
Preserved here for posterity is the mid-morning reaction of the markets of the following day.
http://abcnews.go.com/images/Politics/HC%20PDF.pdf
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
