Health care passage pushes markets up
NEW YORK — Drug and hospital companies led stocks higher yesterday after House lawmakers ended months of uncertainty and approved the health care overhaul bill. Investors had expected the health care bill would pass the House, but the approval Sunday removed some of the anxiety that has dogged stocks of hospitals and drug makers.
The $938 billion bill, which extends benefits to 32 million uninsured Americans, will have far-reaching effects on health companies. Hospital stocks rose on expectations they would see more business and increased revenue. Some insurers fell because of greater restrictions imposed by the changes.