The major news of the day was the Supreme Court's decision to uphold most of the provisions of the Patient Protection and Affordable Care Act -- signed into law by President Obama in 2010 -- including the individual mandate to carry maintain "minimum essential coverage" or face an IRS penalty, beginning in 2014.
The court struck down the provision of the Affordable Care Act that would have forced state governments to expand their Medicaid programs, or risk losing the federal aid they were already receiving for the program.
In other important financial news on Thursday, the New York Times reported that JPMorgan Chase (JPM - Get Report) may ultimately face hedge trading losses of as much as $9 billion, as the companyâ¿¿s Chief Investment Office works to wind down the trading positions that led CEO James Dimon on May 10 to announce estimated second-quarter hedge trading losses of $2 billion.The KBW Bank Index (I:BKX) declined slightly to close at 44.59, recovering from an earlier dip of 2%, as JPMorgan recovered from an earlier 5% decline to close at $35.88, down 2% for the session. The KBW Insurance Index rose 0.5% to close at 111.41, with 10 of the 24 index components showing increases. Genworth -- saddled with a significant mortgage insurance business -- has seen its shares decline 17% year-to-date.
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