CITI: This was last big challenge to Obamacare

Supreme courtWikimedia CommonsTop row (left to right): Associate Justice Sonia Sotomayor, Associate Justice Stephen G. Breyer, Associate Justice Samuel A. Alito, and Associate Justice Elena Kagan. Bottom row (left to right): Associate Justice Clarence Thomas, Associate Justice Antonin Scalia, Chief Justice John G. Roberts, Associate Justice Anthony Kennedy, and Associate Justice Ruth Bader Ginsburg.

The Supreme Court voted 6-3 in favour to uphold the Affordable Care Act, aka Obamacare.

“With the uncertainty of the ruling behind us, we think this will be the last significant challenge to the Affordable Care Act,” Citi’s Murali Ganti said.

Immediately, hospital and health insurance stocks spiked.

“We think this ruling calms those fears and believe positive sector conviction will follow, allowing investors to once again focus on fundamentals,” Ganti noted. “Predictably, hospital and managed care stocks have been rallying this morning given that they were the most at risk.”

And now that this is behind us, everyone including the folks in Washington can move on.

“The ruling represents the best possible outcome for Democrats, but more importantly for Republicans, who remain more focused on capturing the White House than having to defend their position on why 6.4 million individuals could potentially become uninsured.”

NOW WATCH: 6 scientifically proven features men find attractive in women

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.