Stocks fell on Wall Street to close the week on Friday. The NASDAQ led the way downhill with a 0.71 percent (16.87 points) drop. The S&P 500 (0.51 percent, 5.93 points), and the Dow Jones (0.35 percent, 37.19 points) suffered smaller declines but still finished the week on the downward slope.

Stocks were poised to open lower today, and many analysts believed that the Sunday passage of health care reform legislation would be an “anchor” on stocks. However, in the first hour or so of trading stocks were relatively mixed, markets were flat during the morning session but they had not spiraled downward as many had anticipated.

Around the world stocks have been hard hit to open the week.

According to Bloomberg News, stocks declined for the third straight day and the dollar gained value against word currencies. The MSCI World Index fell 0.7 percent amid growing investor concerns regarding India’s central bank interest rates and the ongoing debt/default crisis in Athens.

The biggest news of the morning in the United States, and perhaps in much of the world, is the passage of provisional health reform in the U.S. Congress late Sunday night. Now, many are left to wonder what these reforms will mean for businesses and economic recovery in the U.S.

The health bill fell far short of the most progressive policy possibilities, and health companies have actually been boosted in market trading as a result of the bill. Nevertheless, this health bill is still something that can honestly be called “sweeping.” Whether or not you approve or disapprove of this legislation one thing is certain; it helps offset a small amount of our ballooning deficit.

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