Dow down another 88 today. As I try to repeat each time, the market is responding to all kinds of economic data, but to the extent that it is responding to Washington, it’s not liking what it’s hearing:
CNBC:
It was another down day on Wall Street as health-care stocks tanked amid worries that President Obama’s budget will clamp industry profits.
The Dow Jones Industrial Average lost 88.81, or 1.2 percent, to close at 7,182.08. The S&P 500 shed 1.6 percent to end at 752.83, and the Nasdaq dropped 2.4 percent to close at 1,391.47.
It was another down day on Wall Street as health-care stocks tanked amid worries that President Obama’s budget will clamp industry profits.
The Dow Jones Industrial Average lost 88.81, or 1.2 percent, to close at 7,182.08. The S&P 500 shed 1.6 percent to end at 752.83, and the Nasdaq dropped 2.4 percent to close at 1,391.47.
Health-care stocks were among the day’s biggest decliners as investors worried that President Obama’s budget would clip Medicare payments to insurance companies and hospitals to put a dowpayment on the plan for universal health care. Plus, there’s a provision in there that would allow consumers to buy cheaper medications from overseas companies and prevent drug makers from blocking generic competition.
My comment on NRANews.com earlier today: “The increase in gun sales is the only genuine economic stimulus that can be credited to Obama.”