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U.S. stock futures dropped Monday morning, indicating a weaker start for Wall Street as investors digest a sweeping health care reform bill passed late Sunday by the House. Continued concerns over Greece's debt problems and India's rate hike added to pressure on stocks.European leaders, meeting Thursday, have given mixed signals regarding Greece with some wanting the issue on the agenda, while Germany is resisting. The European Union's commission says it is still hopeful that eurozone leaders can agree financial help for Greece this week. Greece has warned it may turn to the International Monetary Fund if it can't get help from other eurozone countries, mostly in the way of reassuring markets it will not default.
World stock markets retreated Monday following concerns over Greece and Wall Street's sell-off on Friday that put an end to the Dow industrials' eighth session winning streak. Further,Reserve Bank of India raised interest rates Friday by a quarter-percentage point in an attempt to cool high inflation amid a faster-than-expected economic rebound.
With no major economic news out the U.S., the focus will be on the health care reform and its effect on health insurance, pharmaceuticals and medical device companies. Democrats voted 219-212 late Sunday to send legislation to Obama that would extend health coverage to 32 million uninsured Americans and reform questionable insurance practices. According to democrats, the bill will also reduce deficits.
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Reader Comments (Page 1 of 1)
3-22-2010 @ 12:15PM
Yon said...
Coverage to 32 million uninsureds? They are the ones who are healthy and don't need to pay premiums for coverage they don't need. Now they are going to have to pay, no matter what. And as to reducing the deficit? This done by INCREASING TAXATION, not by reducing expenditures. Don't forget to vote, next fall.