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Data: Money.net; Chart: Andrew Witherspoon/Axios

Health care stocks skyrocketed after Tuesday's election results indicated Republicans likely will maintain control of the Senate, all but assuring continued gridlock in both chambers of Congress.

The big picture: A Republican Senate means "the public option and direct government negotiation on drug prices are dead for at least the next two years," Spencer Perlman, an analyst at Veda Partners, wrote to investors Wednesday.

The winners: Health insurance companies, pharmaceutical companies and medical device firms scored the biggest stock gains.

  • The status quo has been lucrative for pretty much every sector of the health care industry, and the prospect of no major federal reform under Biden or President Trump would insulate employer coverage, which is the ultimate pot of gold.

Yes, but: The Supreme Court is about to hear a case that could invalidate the Affordable Care Act. If the conservative majority strikes down the entire law, the industry would face considerable upheaval after spending the past decade incorporating the law into their businesses.

  • Hospitals would be most affected by the Supreme Court invalidating the ACA: Millions of people would lose Medicaid and individual health coverage, resulting in more uncompensated care. Stocks of hospital companies like HCA Healthcare and Tenet Healthcare were down Wednesday.

Flashback: This same health care stock surge happened after the 2018 midterms guaranteed congressional gridlock.

Go deeper

Tracking the Dow's road to 30,000

It took 218 trading days for the Dow to hit the latest 1,000-point milestone.

Why it matters: Dow 30K is a purely symbolic milestone. The Dow hitting 30,001, for instance, is no less significant.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.