(Photo: Allison Bell/TA)
Health insurers are leading declines among health care stocks as investors turned their focus to Democrats' new "Medicare for all" bill that would replace almost all private plans and assessed the implications of a Senate hearing on surging drug prices.
The S&P 500 Managed Health Care Index plunged as much as 4.9%, the most since Dec. 6, led by UnitedHealth Group Inc., Humana Inc. and WellCare Health Plans Inc. The broader health sector index fell 0.8%.
"This doesn't have a prayer of being enacted anytime soon," said Bloomberg Intelligence policy analyst Brian Rye. "But the noise factor is there, and you can bet multiple Democratic candidates will hop on board and push this in the debates starting in June."
