The S&P 500 Index is down 1.52 points, or 0.14 percent to trade at 1,107.65 at 11:09 am after opening to success following the unveiling of the new health care proposal at 10am EST. The Dow Jones Industrial Average is also down 13.22 points, trading at 10,389.13 shortly after the announcement.
Health insurance companies could be expected to take a beating on the market today with the reintroduction of a plan that would make them largely irrelevant. Aetna (AET), Wellpoint (WLP) and Coventry (CVH), three large health insurance providers all dipped following the announcement before making surprising and modest rebounds in the most recent reports. Both WellPoint and Aetna are up around 1.3 percent.
Their success today is surprising considering the modified plans revealed today closely resemble those rejected a month ago. They have been altered slightly to encourage further bipartisan support but continue to concentrate on astronomical premiums and offering.
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