Market News – Johnson & Johnson (NYSE:JNJ), Bank of America (NYSE:BAC), Citigroup (NYSE:C)
The United States’ House of Representatives approved the long awaited and highly controversial Health Care reform bill late Sunday by a vote of 219-212. The bill, which will cost an estimated $940 billion over ten years, will extend health care insurance to 32 million uninsured and underinsured Americans. Citizens will also be required to obtain health insurance going into the future, once the bill is signed into law by President Obama as expected. Pharmacutical and health insurance provider stocks have jumped as a result of this news. For example, at the time of writing drug manufacturer Johnson and Johnson (NYSE:JNJ) shares had increased over twenty cents a share.
The CEO of Bank of America (NYSE:BAC), Brian Moynihan, is on his first ever trip to China. The American bank is trying to play catch up with rivals for shares in the Asian giant’s rapidly growing economy, according to the Wall Street Journal. The bank is seeking to become incorporated in China, which would allow the US-based bank to expand their assets throughout the region.
Greece debt concerns are continuing to weigh heavy on the minds of international investors. Holders of the US dollar are benefiting from the European countries problems, as the Greenback has continued to gain ground against the Euro. Discussions on what to do with the Balkan-state and their debt situation continue in the European Union, and Greece is continuing to look at the International Monetary Fund as a potential bailout solution.
Rochdale Research has upgraded Citigroup (NYSE:C) stocks from ‘neutral’ to a ‘buy’ rating, causing the banking and investment giant to jump approximately 3% so far today. Rochdale also increased their price target to $5 for the bank, an increase of $1.25 from their previous share price target.
That’s all for the day!
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