Markets Extend Losses As Affordable Care Act Upheld

The markets extended its losses during the midday with the Dow slumping 141 points to 12,485 after the Supreme Court upheld the Affordable Care Act. Nasdaq plunged 48 points to 2827.

On the upside

The Food and Drug Administration approved Synergetics USA's (Nasdaq: SURG) eye surgery system VersaVIT.

Health care services companies Tenet Healthcare (NYSE: THC), Health Management Associates (NYSE: HMA) and HCA Holdings (NYSE: HCA) all climbed after the Supreme Court upheld President Obama's healthcare law.

Dougherty lifted its price target on HMS Holdings (Nasdaq: HMSY) from $32 to $37.

On the downside

Synta Pharmaceuticals (Nasdaq: SNTA) reported that the sample size of a mid-stage clinical trial of its lung cancer treatment ganetespib was too small to demonstrate statistical significance of the results.

Tahoe Resources (NYSE: TAHO) assured investors that proposed mining reform laws in Guatemala will not affect its Escobal project but the stock price fell.

Kinross Gold (NYSE: KGC) completed the sale of its 50% stake in the Crixas gold mine.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 765.

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