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Stocks drop after health care law is upheld

NEW YORK (AP) -- Stocks are dropping sharply 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, was down 133 points at 12,494 shortly before noon Thursday.

Stocks of major insurance companies fell sharply as analysts sorted through the ruling. Hospital chains rose.

Bank stocks were the biggest losers in the market. JPMorgan fell 4 percent after the New York Times reported that its loss from a complex trade could swell to $9 billion.

The Standard & Poor's 500 index fell 14 points to 1,318 and the Nasdaq composite index was off 40 points at 2,834.