Stocks fell Monday, though Wall Street pared early losses that had sent the S&P 500 stock index to its lowest level of the year, as investors looked to a Federal Reserve decision later this week and limped toward the close of challenging year.
Even as the broader market recovered from early losses, health care stocks fared poorly as investors digested the decision of a federal judge in Texas who ruled the Affordable Care Act unconstitutional last week. While the decision, which will be appealed, does not immediately upend the law, it does raise new uncertainty for the companies that have established significant businesses structured around the law known as Obamacare.
Centene, an insurer based in St. Louis, Mo., that has built a large business servicing government-funded Medicaid programs, was the worst-performing stock in the S&P 500, tumbling more than 7 percent as trading volume surged. The hospital chain HCA also fell sharply, as any change to the law that resulted in lower levels of insurance would likely result in higher costs for the hospitals.
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