Health care stocks surge after Biden's Super Tuesday wins
Health care stocks soared Wednesday, led by double-digit percentage gains from major health insurers Anthem, Centene, Cigna, Humana and UnitedHealth Group.
The big picture: Nothing has changed with the health care industry, which is still printing money. But Joe Biden's Super Tuesday victories reassured Wall Street of his chances of beating Bernie Sanders and "Medicare for All” — and that a Biden presidency or a Trump re-election will keep the lucrative status quo in place.
Between the lines: The political prognostications of Wall Street and its trading algorithms have been all over the board in the past year.
- The sentiment was especially sour last April after UnitedHealth called out Sanders' Medicare for All policy during an earnings call.
The bottom line: Medicare for All faces a lot of political hurdles in Congress, but so do Biden's reforms. Any changes will face a huge battle from an industry that is both deep-pocketed and politically connected.