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Health Stocks Crumble as Fears of ‘Medicare for All’ Snowball
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Health Stocks Crumble as Fears of ‘Medicare for All’ Snowball
The slide began in earnest on Tuesday when UnitedHealth Group Inc. -- treated by investors as a bellwether for the insurance sector -- waded into the debate over “Medicare for All,” which would expand government-administered coverage to most of the population and rewrite the businesses of U.S. health insurers, hospitals and doctors. The Tuesday losses capped the worst five-day stretch since 2011 for health insurers, despite UnitedHealth reporting earnings that beat analysts’ estimates and raising its 2019 forecast. The slide in hospital and insurance stocks continued Wednesday, wiping out billions of dollars more in market value from some of the biggest health companies in the U.S. UnitedHealth fell 3.2 percent at 2:20 p.m. in New York.
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