Stocks drop after health care law is upheld

Stocks drop after health care law is upheld

NEW YORK (AP) — Stocks dropped sharply today after the Supreme Court upheld the central provision of President Barack Obama’s health care overhaul, a requirement that almost all Americans carry health insurance.

The Dow Jones industrial average, which was down about 100 points before the court ruled, fell further and was down 136 points at 12,491 at noon Eastern.

Health care stocks were down significantly, but bank stocks were the biggest losers in the market. The court ruled that the requirement to have health insurance can be construed as a tax. Under the law, Americans must either carry health insurance or pay a penalty.