obamacare subsidies allowing millions of americans to keep accept cities to help them pay for health insurance. betty: coming up, president obama will take to the podium to speak about the case and his reaction. pimm: we cannot forget about greece. a key meeting has ended without any agreements. prime minister alexis tsipras is still optimistic. betty: good morning. i am betty liu. pimm: i am pimm fox. we are 90 minutes into the trading day. let's look at u.s. stocks with a little higher s&p 500 gain, four

points, the dow jones industrial average gained 18 point. not much on consumer spending, but stocks are higher, and near records. let's look at the top headlines. a victory for president obama, a test of his most significant mistake achievement. the supreme court upheld the tax care -- the health care subsidies that were essential. was six-three. once again to justice roberts voted with his liberal colleagues in support. roberts was the key vote to uphold obamacare three years ago. finance ministers have finished their meeting for today, and there is still no resolution for greece. eurozonee finance ministers still has two separate proposals.

one from greece and one from the imf countries themselves. you have the greek pozo on one hand, on the other hand they are all aligned. we will see if the great proposal can be brought up. if the work that needs to be done on it can be done. we have the leaders themselves meeting. they're are setting the stage for grand bargain. tomorrow,eet tonight, the irish prime minister said they could meet into the weekend. in addition, the eurozone finance ministers meeting is again on saturday morning. the greek prime minister is still optimistic. listen. >> i think that european history is full of disagreements, negotiations, and compromises. after the comprehensive greek proposal, we will reach a

compromise that will help the eurozone and greece to overcome the crisis. or no deal, they will have to return to athens. if he has a deal, he will have to sell it to his party and people. that will not be easy. if he does not, he will have to prepare this country for the financial chaos that could ensue. reporting from athens. last month, consumer spending rose by the most in six years. sales of automobiles and other durable goods are strong. economists are saying that americans may be finally spending the savings from less expensive gasoline. games were unemployment stayed under 300,000 for the 16th consecutive week. that signals a healthy labor market that may propel growth for the second half of the year. literalpmorgan and

regulators are set to settle a case with a fine this summer. it has met investigated if jp morgan inappropriately steered its investors into its own products. a new survey is indicating that more millenials will enter the real estate market this year. buy a those intend to house in the next three months. that backs of evidence that first-time buyers are entering the market. from renting to buying. a demographic reversal. demographic and at the minorities surpass no non-hispanic whites. population will become the minority in the u.s.. that is your top story for the morning.

pimm: the supreme court's decision to uphold obamacare. we have been monitoring the reaction from the justices and the politicians. phil. phil: the decision was drafted and written by chief justice roberts. when you look through the 21 page decision, it is important to figure out how they came to this point. his point is will congress and markets.lth care the underscore is his opinion, and five of his colleague signed to make it 6-3. the intent of the law is the most important, not the specific language. this turned on whether or not it is about 4 words, or if it is about the broad intent of the 1000 plus language.

it is worth reading, and with your time, is the 21 page dissent by antony and scalia. usually meant to show how strongly the justice believes. it was read in court. they say that words no longer have meaning. sister scalia can often write interesting opinions. this one is full of a scathing look at the majority. of there the two sides court. it is interesting to look at the political dynamics. 2016, where this is an important issue for the 13 person republican field, which could go alsogh as 16, but it is important to hillary clinton. she was very early going to twitter saying that she supported this from the beginning. shouldthat health care be affordable and available to all. hillary clinton made the

judgment and calculation early that she would not break from president obama on many things, this specifically. this was a win for the president and for her. all of the republican candidates from rick perry, marco, and carly fiorina have stated that her appeal replace is still there policy issue on this front. down in the last hour, we talked about the ability to do that, that there are so many roadblocks are that to come to fruition. betty: we said that this puts it to rest. it puts the issue to rest. it doesn't matter anymore in the race to 2016. phil: it well. this is a huge issue in the republican party, particularly amongst primary voters. this will be an issue. if they maintain majorities in the house and senate with a republican in the white house,

they can pledge that they will work to repeal and replace the law. the ability to do that as years pass dwindles. or the time being, and i have e-mailing back and forth with the obama administration, they believe this is the tanto. you will see the president come out and make a statement in the bee garden, that will not much different after the victory in 2012. tey are saying it is the law of the land, and it is time to move forward. when you look at democrats on the campaign trail and on capitol hill, that is that perspective. obamacare will always be an issue. betty: thank you. pimm: let's go to julie hyman in the newsroom. she is looking at spots that are affected by the supreme court decision. seeing rallies in shares of hospital stock because

analysts say that their revenue was most at risk if this decision went the other way. if the tax subsidies were eliminated. highlighted as being particularly horrible. it might have been cut by as much as 5% if the subsidies went away. tenant and community health systems were also perceived as being at risk. i just spoke with jason mick gorman and bloomberg intelligence, and he says every aca some of these hospitals were riding off of 30% or more of the revenue because they have to treat everyone, if they have insurance or not, and they were not getting paid for that treatment. there was a risk they would have to go back to those days. much, julie you so hyman on the reaction coming in

from health care insurers, including anthem who said, we are pleased that there is coverage for individuals across the country. pimm: for more, we are joined by an analyst with morningstar in chicago. here is jason mick gorman, r bloomberg industries analyst covering the health care industry. let's go through the list. who benefits? >> primarily hospitals. they were writing off 30% of their revenue for folks who did not have insurance pre-obamacare. now these folks can keep their health care insurance and hospitals can rest easy. this was revenue they weren't getting before. it is a big deal for hospitals. insurers as well, but mostly hospitals. >> it will be a positive for all of the stocks. stated,revious guest

for the hospitals and insurers, it is a huge deal. if there is an issue as far subsidies for any of the state exchanges, it was ruled unconstitutional, you would've seen moderate headwinds as far as growth goes for the health-care industries for the last several years -- next several years. some of the changes are state-by-state, others are run by the federal government. what does this ruling have to do with those exchanges in the future? it impacts the states with federal exchanges. this means that all exchanges have access to this tax credit. they do have to worry about which state they are in. this ruling could have gutted the aca. there is no concern now. all in the exchanges, no matter to definition, have access

health insurance. that is good for an insurers and hospitals. acrosswe have seen all the board, green for any company related to health care. outside of the short-term impact of removing the uncertainty, what about the long-term holdings? who will benefit? where might the headwind be from here? there will always be headwinds and tailwinds in any legislation that passes congress. this benefits the insurers in the longer-term. it is a good volume play. 30 million coming into the market gives them a huge amount of revenue stream. it may come at a lower level profitability, and that is where the headwind comes in for many of the players. the probability will be less that it has been historically, but given that the employer market has pretty much been sure it is a huge win. , because when out 100%

they have reimbursement for some of the uninsured folks they will service. pimm: what does this do to the managed care providers? >> they can continue servicing .lients more consolidation in the industry. bid thathe cigna means they will consolidate more. they don't have to worry if it is exchange plans or the individual market. bigger is better. it could mean that they want plans in different stages, that is part of the reason for the anthem cigna bed. --bid. any pressures longer-term from the law. for the most part it is really a win for the hospitals. not only do they have reimbursement cuts, but they have already taken a hit. this ruling is a hit.

pimm: if you are the chief executive of a pharmaceutical company looking for growth, is this a good ruling? >> it is neutral. they will still face reimbursement pressure moving forward, especially with the of express scripts cvs and united health. iny play a key role determining the pricing for pharmaceuticals. that is outside of the aca. the aca will be a moderate the firmsr most of because you are bringing a lot of uninsured and making sure you are being reimbursed for the services you provide. betty: republicans are not going to give up. they may revive the issue in 2016. even though it seems like a benefit overall, and the issue is put to rest, it might arise again. is there a contingency plan? was somethinghere

in play if the supreme court ruled the other way. that does not have to come in to factor anymore. theer-term, looking at political back-and-forth, it comes down to the supreme court and the law. it looks like it is settled. youonly other issue is if have a republican come into office and try to repeal the law. the likelihood of that happening is not necessarily that hide. pimm: thank you very much, gentlemen. betty: do not forget. we will bem. eastern hearing the first reaction from president obama. still ahead on "bloomberg market a deal.ther day without will greece be able to stab off a default?

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betty: welcome back to "the bloomberg market day." i am betty liu. pimm: i am pimm fox. stocks are trading near records, but the price-earnings ratio of the stocks is over 18. what is it investor to do? we asked david leibovitz, the

global strategist of j.p. morgan asset management. give us the information. what do you do with your money? : you have to be active and strategic. the defense areas are little risky. we like things like financials and technology. a stock specific approach is what we are advocating. you do still stay fully invested . when we look at bear markets, a lot of things that preceded them are not on the horizon. there are things like a commodity shock. we watched oil drop to 50%. the u.s. economy looks ok. i would say the fed is about to do normalization rather than titan, so i would say you stay invested.

i think greece represents a lot of headline risk, not to the same economic risk. it represents a lot of political risk in europe. i viewing any weakness in europe as i buying opportunity. pimm: are you talking about bonds, equities, what? primarily equities. we are favoring risk over fixed income. with the yields in europe so low it doesn't make sense to enter a trade right now. european high-yield has a negative correlation to rates in a low exposure to energy, but on the sovereign side it makes more sense to stay clear of the debt. betty: we will see a 25 basis point hike, but what is the longer term from the fed? david: lower rates for longer.

i think the fed will gradually normalize rates. they will say, look, we will see with the economy and park it tell us and react accordingly. they will have a hard time getting to the 3.75 cycle. i think we can get above the 2% over close to 3% for they have to think about moving the other way. gary cohen talking about the possibility of an increase in interest rates and if the market is ready for it. we are less ready than people think. it is uniquely interesting how it comes as a surprise to everyone and something happens that we have been talking about for a long time. pimm: what do you think? david: there is a lot of validity to that. looking back over previous has beenhe downside investors being aware. people know the federal hike rates, but when they actually do

it will come as a shock to the market. we have had zero interest rates for the past 6 years. it is almost a reality check. we are not trying to slow down the economy, we are trying to normalize policy so we have dry powder for the economy rolls over. betty: he likes to pull out his charts and says after a fed rate hike, 12 to 18 months later you bear market. is that in line with your chart? i hesitate to confuse correlation with causality. i think we are looking at a decent u.s. economy now. the u.s. economy has done a lot of the heavy lifting. if we see europe and japan come back online -- the u.s. has been caring the global economy halfway up the mountain. i think europe and japan can take over and extend the life of the cycle.

pimm: thank you for joining us. betty: we will be back for more on "the bloomberg market day."

pimm: welcome back. it was a big day for president obama at the supreme court. justices upheld a core component of the health care law by vote of 6-3. the tax care credits were backed that are used by millions of americans to buy health care insurance. ago, we had days news for federal judge in a lawsuit wast one against the u.s. government that accused the government of taking aig and and being punitive against the

company. hank greenberg will speak out with his reaction on the ruling for the first time. it was the tory is for him. he did not win the damages he sought. he is appealing the decision. we will get his full reaction in a few moments. he is joining us in an hour. pimm: thank you very much. still ahead on the bloomberg market day, we will hear from president obama. his first reactions to the decision from the u.s. supreme court upholding subsidies for obamacare. that is next. ♪ we live in a pick and choose world.

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upheld in court component of the president's health care law by a vote of 6-3. the court back the tax credits used by millions of americans to buy health insurance. to houseright now speaker john boehner with more reaction. >> yesterday we sent to the president's desk of bill that would lead to more american jobs and opportunities for more american workers. we are just about at the halfway point to this year, and we can point to real progress on the people priorities, but we have a lot more work to do. the first real entitlement reform in nearly two decades, the first 10 year balance to the budget plan since 2001 and roll strides on veterans health and human trafficking. as i said, the work is far from finished, but we are making real progress. getting things done for american workers and small businesses. on iran, tuesday marks the white

house own deadline for a nuclear agreement. after talks and multiple extensions, the french, russian and british negotiators have expressed concerns that negotiations are stalling. of course that is not for lack of effort on the part of the obama administration. the right getting virtually nothing in return -- pimm: you have been listening to house speaker john boehner. when he speaks more specifically about the health care ruling, we will bring that to you. with like to bring on our own phil mattingly and shannon pettypiece our health care reporter to give us more details. hospital seemed to be the winners from this. does this mean dr. pay and pay for nurses as well ? >> it means they will get fewer uninsured people coming into the emergency room. hearing the number

30%. in some hospitals, 30%. thees, depending on patient. hospitals have seen a big benefit to the profits and still law went into effect requiring insurance. as much as 5% of profits have been coming from people who bought insurance through the exchanges. that is only expected to increase. this has been very good news for hospitals, but there has been overhang with-- the supreme court case. pimm: does this trickle down to the people who does the work in it should.l? > >> and for the publicly traded investors tenet, hca, looking at this hoping it will trickle down to them. pimm: julie hyman giving us the look at the stocks. >> will it mean doctors and nurses get a raise? nurses in new york are negotiating a contract to try to get more job security for them.

is it going to trickle down? i don't know. that will probably depend on the hospital, too. pimm: i want you to dissect this e decision. is it worth noting justice roberts voted with the majority? >> i think so. he wrote the opinion this time. kennedy also joining the four other liberal justices. this is a huge win for the administration. pimm: we are waiting for the president to come out. >> i have been writing back and forth with white house staff. jubilant is one way they described it. party-like atmosphere another way. they were astounded it got this far. 2012 challenging the constitutionality of the law was the be-all, end-all. the fact that this case, when you talk to people at the justice and solicitor general's office, were not paying

attention is still a tarted -- started to get attention in the lower courts. this was a drafting case. they were looking for something, they found it, went after it. i think it went so far people started to get nervous. i think they thought the alicitor general argued good case, but they were nervous. within the white house, democrats felt like this was the last big hurdle. from ourm getting word producer saying john boehner, the house speaker, talked about how they will continue to try to overturn at least portions of obama care. what kind of leverage to they have to do this? one of the most interesting things during this was to read the tea leaves for the potential candidates. on.: hang here is the president. let's get his reaction to the supreme court of holding the tax subsidies for obamacare. five years ago:

after nearly a century of talk, decades of trying, a year of bipartisan debate we finally clear that in america health care is not a privilege for a few, but a right for all. , as weose five years have worked to implement the affordable care act there have been successes and setbacks. the setbacks i remember clearly. [laughter] has settledust there can be no doubt this law is working. it has changed, and in some cases, saved american lives. it has set this country on a smarter course. than 50 votesre from congress to repeal or weaken this law, after a presidential election based in part on preserving or repealing this law, after multiple

challenges to this law before the supreme court, the affordable care act is here to stay. the court upheld a critical part of this law, a part that has made it easier for americans to afford health insurance, regardless of where you live. --the partisan challenges challenge to this law would have succeeded, it millions of americans would have had thousands of tax that it taken from them. for many, insurance would have become unaffordable again. many would have to come uninsured again. ultimately everyone's premiums could have gone up. america would have gone backwards. that is not what we do. does.s not what america we move forward. today is a victory for hard-working americans all of us this country whose lives will continue to become more secure in a changing economy because of this law. if you are a parent, you can

keep your kids on your plan until they turn 26. something that has covered millions of young people so far. that is because of this law. , or anare a senior american with a disability, this law gives you discount on your prescriptions, something that has saved nine millions of teen hundred dollars so far. $1600 dollars so far. if you are woman, you cannot be charged more than anyone else. because you have had cancer or your custom and had cancer. sband had cancer. they cannot place annual or lifetime caps on your care because of this law. because of this law in today's decision millions of americans who i hear from every single day will continue to receive the tax credit that have given about 8 people who buy insurance

on the new marketplace is the choice of health care plan that costs less than $100 per month. when it comes to pre-existing , someday our grandchildren will ask us if there was really a time when america discriminated against people who get sick, because that is something this law has ended for good. that affects everybody with health insurance, not just folks who got insurance through the affordable care act. all of america has protections it did not have before. as the laws, provisions have gradually taken effect, more than 16 million uninsured americans have gained coverage so far. in threerly one american to was uninsured a few years ago is insured today. the uninsured rate in america is the lowest since we began to keep records, and that is something we can all be proud of. meanwhile, the law has helped

hold the price of health care to the fullest growth in 50 years. if your family gets insurance you are not job, using the affordable care act, you are still paying about $1800 less per year on average than you would be if we had not done anything. measure, what business owners pay out in wages and salaries is now finally growing faster than what they spent on health insurance. that has not happened in 17 years, and that is good for workers and the economy. the point is this is not an abstract thing anymore. of political set talking points. this is reality. we can see how it is working. ass law is working exactly it is supposed to. in many ways, this law is

working better than we expected it to. the information campaigns, doomsday predictions, deathpanels and distraction and repeal attempts, this law is now helping tens of millions of americans. me that itve told has changed their lives for the better. i have had moms come up and say able to see a doctor and get diagnosed and catch a tumor early, and he is alive today because of this law. this law is working. it is going to keep doing just that. five years in this is no longer about a law, this is not about the affordable care act as legislation or obamacare as a

political football, this is health care in america. unlike social security or medicare, a lot of americans still don't know what obamacare is beyond all the political noise in washington. across the country there remain people who are directly benefiting from the law but don't even know it. that is ok. there is no card that says obamacare when you enroll. design -- byhy design. this has never been a government takeover of health care, despite cries to the contrary. this reform remains what it has always been, a set of fairer rules and tougher protections that made health care in america more affordable, more attainable, and more about you, the consumer. the american people. it is working.

us,with this case behind let's be clear, we still have work to do to make health care in america even better. we will keep working to provide consumers with all the tools you need to make informed choices about your care. we will keep working to increase use of preventative care that avoids bigger problems down the road. we will keep working to boost the steadily growing care of polity in hospitals, bring down --ts even though were lower. already we've seen reductions in the number of readmissions to hospitals. that saves society money, save families money, makes people healthier. we are making progress. we are going to keep working to get more people covered. work as hard as i can to convince more governors and legislators to take advantage of the law, put politics aside, and expand

medicaid and cover the citizens. we still have states out there that for political reasons are not covering millions of people they could be covering, despite the fact that the federal government is picking up the tab. we've got more work to do. what we are not going to do is unravel what has now been woven into the fabric of america. my greatest hope is that rather than keep refighting battles that have been settled again and again and again, i can work with republicans and democrats to move forward. let's join together. make health care and america even better. america even better. three generations ago we chose to end an era when seniors were left to english in poverty. we passed social security, and

slowly it was woven into the fabric of america and made a difference in the lives of .illions of people two generations ago we chose to end an h when americans in their golden years did not have the guarantee of health care. medicare was passed and it helped millions of people. this generation of americans chose to finish the job, to turn the page on a past when citizens could be denied coverage just for being sick. to those the books on history for tens of millions of americans had no hope of finding decent and affordable health care. they had to hang their chances on fate. we chose to write a new chapter where in a new economy americans are free to change their jobs or start a business, chase a new idea, raise a family free from

the knowledgen that portable affordable health is there for us and always will sick,d that if we get we're not going to lose our home . that if we get sick that we will be able to still look after our families. that is when america soars, when we look out for one another, when we take care of each other, when we root for one another's success. when we strive to do better and be better than the generation that came before us and try to build something better for generations to come. that is why we do what we do. point ofhe whole public service.

so this was a good day for america. let's get back to work. [applause] pimm: uf in listening to remarks from president obama flanked by vice president joe biden just outside the rose garden in washington at the white house leaking about the supreme court decision allowed -- to allow tax subsidies for those using the affordable care act. joining me now shannon pettypiece who covers the health ,are industry in phil mattingly our washington correspondent. one of the things the president eloquently described is the place in american history of the affordable care act. starting with social security and medicare and now the affordable care act. is that going to resonate in nashington echo will that gai

the party? >> what he just said is what they have been saying behind closed doors. get it time, this will become part of the fabric. this was their help, the big concern about the case. we would take in the near-term? i don't think so, not in washington. they don't care about washington , congress, they care about nationwide. part of the point of that was to explain what the law does. there is a lot of frustration in the white house that most people don't fix the end -- understand obamacare is. their hope is nationwide that because this is now past, people will recognize what it brings to the table. >> it is becoming such a big fabric in the way the health-care care industry does business, too. if you still believe health have bigand drugmakers influence in washington, you would think that would have a little bit at play, to. it is dramatic to see how much the way hospitals operate has

changed because of this law. the type of treatment you get an hospital today is a lot different than you would have before 2010. they are worried about keeping you out of the half it'll. sick again, they want to keep you out. --they are worried about keeping you out of the hospital. if you get readmitted, they get penalized because of this law. those are the little types of things that have hospitals changing the way they do business. health insurers, too. at pre-existing conditions, keeping people on your insurance until 20. how they manage risk now that everyone has to be covered. --looking at pre-existing conditions, keeping people on your insurance until 26. enlighteningou for us. much more on the betty bloomberg "market day." coming up. ♪

pimm: some breaking news from the bloomberg market day. new jersey governor chris christie may soon announce a run for the presidency. reported he will officially announced his bid to be a republican candidate or president, and he will be the 14th republican to seek the nomination. right now going to the newsroom for breaking news with julie hyman on kroger. julie: the grocery store chain stock split.-1 the first in 16 years for the company, and the shares have done very well, up about 50%. shares have held up as an outperform or in the industry as well in terms of comparable sales and margin. as stock is up here today well, gaining by about 15%. in addition, the company

announcing a 13.5% increase in the dividend to $.21 and returning cash to shareholders through a buyback. authorization at least of up to $500 million to buy back shares. we are watching kroger shares move higher today, moving up after we got the headlines. now up by about 1.4%. the, we want to turn out to broader markets and take a look at what is going on with the major averages. we are seeing all of them up not a huge rally but nonetheless gaming after us ending -date at that shows- spending data that is the best in six years time. investors still weighing what is going on with greece, so that has a limiting factor to what is going on with stocks. now i want to turn to the options insight segment. for that i want to bring in dan whoan deming from chicago

is also looking at what is going on in the session. we are seeing stocks advance, but looking at the levels, still not to the record levels we were or sout -- about a month ago. what do you think is holding investors back, and what are you seeing in options of how people are playing it today? >> i will tell you, i think you hit it on the head, the greek situation is still in the minds of market participants, and that is what is holding the market back. it was a nice bounce back from yesterday selloff. the second part kind of week. there is still not a tremendous amount of concern that something bad is going to happen over there. it is priced in the market that something will get done in the next 24 hours or by the end of the week hopefully. right now we're just in this period outside of anything significantly happening in the greek negotiations.

last year we had a lead up where we have this low volatility structure leading into a long weekend. next week we do have the unemployment report coming up thursday before the long weekend , so i think that will be interesting to see how the market preps itself going into the number. by and large, if there is resolution, i think the market is poised to move a little bit higher but not significantly. julie: how would you play all of this? stance. bullish what do you do as a trade? there are a few things you can look at. low volatility is key because you can basically pick up options are pretty low price to whereatively markets are moving more normally. if you see the gradual trend in the market, the nasdaq holding basically at its highs. the dow and s&p just about 1% off of the highs for the year. i think you can still play for

the gradual push higher. the central bank still being very dovish. the dollar moderating. i think earnings a come in in a little bit better now moving forward. at least the outlook will look better with the dollar moderating. i'm going to play for a gradual move up over the net couple of months. i am looking at us by trade, the september 2 11, 217, 220. you are buying the 211 call. and buying 220 calls. the trade costs about $.80. gives you the opportunity for despite -- to participate in the call. julie: if you can spell this out for me. you win if what happened exactly? judging by the chart we are showing it looks like the range would have to be very small on the spy for you to profit.

tight --ld be depending on where the spy moves the look at the first six months of this year, it has been a very tight race. if we see the gradual move up to 15 you are looking very good on the trade. if we see another 2% increase in of spy over the next couple months, this trade will benefit very well. it will limit your risk as well. very limited down risk it to market does collapse because of bad news and protection to the upside. if you break through, you are protected. julie: we have to leave it there. dan deming of equity armor investments. stay tuned. ♪

pimm: good day. 9:00 in san francisco, noon in new york and midnight and hong kong. welcome to the bloomberg

market day. a huge win for the white house as supreme court upholds obamacare subsidies allowing millions of americans to keep federal tax credit to pay for their health insurance. pimm: a key meeting has ended without any agreement. prime minister alexis tsipras says he feels optimistic but creditors do not agree. olivia: we will hear from hank greenberg, he is convinced a judge that takeover of aig was illegal but did not get any damages. we will find out if he still considers it a victory. pimm: good afternoon. i am pimm fox. olivia: i am olivia sterns. a quick look at where market -- markets are trading. equities are higher across the board. the main and mark index up by about a