Will Obamacare wreck the economy, as conservatives argue?
Here’s what the Dow has done today, the day the Supreme Court ruled the Affordable Healthcare Act constitutional.
(via Bloomberg’s Jake Beckman)
Update: Jake tweets us to say: “Thanks for crediting me, but stocks have been down all day. Rebound likely due to Europe, not SCOTUS… you clearly tried to imply that the Dow’s rebound since 3pm is because of health care. It isn’t.”
Point well taken - far too much can be made of charts like these. What we meant to imply is that there wasn’t a plunge related to the ACA, as some critics have predicted. (We also suspect the announcement that JPMorgan’s bad investments may tally up to $9 billion will help keep bank stocks in a negative attitude for a while.) But Jake correctly calls us out for implying that SCOTUS boosted stocks. Mea culpa.
UPDATE #2: After talking with people far less innumerate than us, we’ll readily admit we goofed on this analysis. For a full rundown of what really happened in markets today, and some excellent brain expansion, check out our updated post with more illustrative charts. Meantime, we’ll keep this one online so’s our original missteps don’t fall down a memory hole.