Saint Vincent parent stock tanks after Trump win
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The stock for Saint Vincent Hospital's parent company plummeted Wednesday morning in the wake of Donald Trump being elected president.
The value of the parent company for Saint Vincent Hospital in Worcester and MetroWest Medical Center in Framingham dropped more than 25 percent in morning trading on Wednesday, in the wake of Donald Trump's victory in the presidential election.
Dallas-based for-profit hospital operator Tenet Healthcare saw its stock drop from $20.27 per share from market close on Tuesday to $14.80 by 11 a.m. on Wednesday, a decrease of 27 percent.
Tenet took the biggest hit of all the for-profit hospital operators, although Nashville-based HCA Holdings had a 15-percent drop in stock prices while Pennsylvania-based Universal Health Services had a 10-percent drop.
Trump, during his campaign for the presidency, promised to repeal the Affordable Care Act. The law passed in 2010 expanded health care access throughout the nation, and hospital finances have become strongly tied to its many provisions.
Although vote totals are yet to be finalized, Trump was declared the winner of the electoral college in the early morning hours Wednesday, obtaining the necessary 270 electoral votes. His opponent, Hillary Clinton, conceded the election in a phone call to Trump. Clinton currently leads the popular vote 59.4 million to 59.2 million.
Overall, the stock market has been relatively stable following Trump's win. The Dow Jones Industrial Average was up 0.3 percent Wednesday morning. Given Trump's promises to remake America's trade deals, there was some concern about a significant stock market drop on Wednesday, but those fears appear largely to have not come to fruition.
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