Market Updates

U.S. Pass Healthcare Bill; Insurers Decline

123jump.com Staff
22 Mar, 2010
New York City

    The U.S. House passed after much debate and rancor sweeping changes to healthcare coverage. The legislation passed with 219-212 vote will expand the coverage to 32 million people. Hospital chain operators and drugmakers increased but healthcare insurers declined. The dollar edged up.

[R]10:50 AM New York – The U.S. House passed after much debate and rancor sweeping changes to healthcare coverage. The legislation passed with 219-212 vote will expand the coverage to 32 million people. Hospital chain operators and drugmakers increased but healthcare insurers declined. The dollar edged up.[/R]

Stocks in early trading were flat after the U.S. House passed a landmark healthcare bill and uncertainty related to Greek bailout persisted. The dollar edged higher.

The bill brings expands the coverage by 32 million people and will cover nearly 95% of the population from the current 86%.

Drugmakers supported the bill but insurance companies opposed the bill. Healthcare premiums have been on the rise for the last ten years and have nearly tripled for most individuals.

The new law will require insurance companies to cover patients with pre-existing conditions and force individuals to pay a fine if they do not have a healthcare coverage. Businesses with more 50 employees that do not offer coverage will pay a penalty of $2,000 per employee but exempted for the first thirty.

Healthcare stocks traded mixed after the passage of the reform bill. Hospital chain operators increased, health insurance providers declined and drug makers edged up a fraction.

Stock Movers

Novell Inc gained more than 5% after the company said that the buyout offer of $5.75 a share undervalues the company.

Tenet Healthcare Corp, Community Health Systems and Health Management Associates Inc gained more than 3% but UnitedHealth, Aetna and WellPoint and Humana declined.

Pfizer, Bristol Myers Squibb and Abbott Laboratories increased but Sanofi and Novartis declined.

Tiffany & Co. declined more than 4% after the jewelry retailer reported fourth quarter adjusted net income of $1.09 a share.

Williams-Sonoma Inc surged more than 7% after kitchenware retailer reported fourth quarter adjusted earnings of 86 cents a share.

Commodities, Currencies and Bonds

Crude oil future for the immediate month declined $1.68 to $79 a barrel and natural gas futures fell 9 cents to $4.08 per mBtu.

In the early trading gold decreased $13.80 to $1,093.80 an ounce and copper futures fell 4.65 cents to $3.326 per pound.

The dollar edged higher in the morning trading in New York after conflicting signals from the EU leaders ahead of the summit this Thursday.

One euro fetched $1.3484 and one dollar traded at 90.08 yen. The British pound was nearly unchanged at $1.5012.

Yields on 10-year U.S. bonds edged up at 3.67% and on 30-year bonds traded at 4.57%.

Asian Markets Review

Hang Seng index in Hong Kong decreased 437.57 or 2.05% to 20,933.25, and CSI 300 index in China higher 8.76 or 0.27% to 3,302.63. ASX 200 index in Australia decreased 42.00 or 0.86% to 4,830.20. The FTSE Bursa KL Composite index in Malaysia was lower 2.95 or 0.23% to 1,293.65. Markets in Japan were closed today.

The Kospi Index in South Korea decreased 13.44 or 0.80% to close at 1,672.67. SET index in Thailand closed lower 2.34 or 0.30% to 772.25. JSE Index in Indonesia decreased 40.57 or 1.48% to 2,702.40. The Sensex index in India decreased 167.66 or 0.95% to 17,410.57.

Europe Markets Review

In London FTSE 100 Index traded lower 53.13 or 0.94% to 5,596.99, in Paris CAC 40 Index decreased 45.03 or 1.15% to 3,880.41 and in Frankfurt DAX index traded lower 51.03 or 0.85% to 5,931.40. In Zurich trading SMI decreased 67.44 or 0.98% to 6,813.32.

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