Photo: Google Finance
Stocks are tumbling today.The Dow is down around 140 points.
Treasuries are rallying with the 10-year note now yielding just 1.6%.
We just learned that the Supreme Court upheld the Affordable Care Act.
This is good news for hospital operators like Tenet Healthcare and diagnostics companies like Labcorp. The basic idea is that they will get more volume.
However, the losers are the health insurers like Aetna and UnitedHealthcare, who will have to take on much more risk that they probably didn’t want.
Markets were already trading down ahead of the Supreme Court’s decision. Earlier this morning, the New York Times reported that JP Morgan’s estimated $2 billion trading loss was likely to balloon to $9 billion. Across the pond, Barclays stock tanked as bank is embroiled in a scandal related to interest rate manipulation.