How Obamacare Moved the Markets Today
Jun 28th 2012 10:07PM
Updated Jun 28th 2012 10:08PM
It was quite the volatile day for the Dow Jones Industrial Average (INDEX: ^DJI) , which was down big through the early afternoon today, after the Supreme Court largely upheld President Obama's signature healthcare law. But stocks were able to stage a big rally late in the afternoon, and the Dow and S&P 500 ended up dropping just slightly on the day. The late advance was mainly due to talk of progress from the key European Summit being held today and tomorrow.
Here's how the three major U.S. indexes fared.
Dow Jones Industrial Average
S&P 500 (INDEX: ^GSPC)
Despite their exposure to the healthcare industry, Merck, Pfizer (NYS: PFE) and Johnson & Johnson (NYS: JNJ) all ended the day essentially flat. Arena Pharmaceuticals (NAS: ARNA) , however, wasn't quite so lucky. The stock, which gained approval yesterday for its key weight loss drug, dropped over 10% today. Some analysts expressed caution about the drug, considering previous diet drugs' mixed history, and noted that insurers may not cover the drug until it shows more benefits than it did in trials, though sales are still are expected to be huge, given the potential demand for the pill. Check out the video below for more on what drove the markets today, and which stocks were big winners and losers.
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The article How Obamacare Moved the Markets Today originally appeared on Fool.com.Brendan Byrnes owns no shares of any companies mentioned. The Motley Fool owns shares of JP Morgan Chase and Johnson & Johnson. Motley Fool newsletter services have recommended buying shares of Johnson & Johnson and Pfizer. Motley Fool newsletter services have recommended creating a diagonal call position in Johnson & Johnson. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
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