Photo: David Hogan/Getty Images

The S&P 500 is up by more than 300% over the past nine years. The S&P Managed Care sector, which includes the country's biggest health insurers, is up more than 1,100% over the same period.

Why it matters: That's a big surprise for some analysts, who in 2009 thought the ACA would be bad news for the insurance industry, CNBC reports.

Flashback: Insurers' stocks were at a particularly low point in 2009, when the overall stock market hit its recession-era bottom, in part because investors were worried about regulations in what would become the ACA.

Surprise! Giving an industry millions of new customers, with most of their purchases subsidized by the federal government, is actually quite good for the bottom line.

Between the lines: The ACA's Medicaid expansion has been the biggest boon, CNBC writes, because it coincided with so many states transitioning to Medicaid managed care — allowing private insurers to administer their programs.

  • Diversification — like UnitedHealth Group's growing Optum unit — also helped.

The biggest winners, per CNBC:

  • United's stock has gone up 1,400% since 2009. Centene is up 1,800%, and Medicaid insurer WellCare is up 4,000%.

Wall Street isn't worried about the future. Despite their panic about the ACA in 2009, at least some investors now aren't even too worried about the growing popularity of single-payer.

  • "Even if it's Medicare for all, it would probably be Medicare Advantage for All," Standard & Poor's analyst Deep Banerjee tells CNBC. "Health care today is a public-private partnership ... it's very hard to see a system without a private player meaningfully involved."

Go deeper

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Florida reports another daily record for coronavirus deaths

Nurse practitioner Barbara Corral and a research assistant conduct a COVID-19 vaccination study on August 7 in Hollywood, Florida. Photo: Joe Raedle/Getty Images

Florida's health department on Tuesday reported 276 new coronavirus deaths, surpassing the state's record from July 31.

The big picture: The state also recorded over 5,800 new cases — on the low side for a state that is one of the domestic epicenters for the virus.

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 20,126,452 — Total deaths: 737,285 — Total recoveries: 12,380,410Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 5,098,452 — Total deaths: 163,533 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: State testing plans fall short of demand — National Governors Association's bipartisan leaders express concern over Trump's unemployment order.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. World: New Zealand reports first local cases for 102 days — Why you should be skeptical of Russia's vaccine claims.

Exclusive: Facebook cracks down on political content disguised as local news

Illustration: Eniola Odetunde/Axios

Facebook is rolling out a new policy that will prevent U.S. news publishers with "direct, meaningful ties" to political groups from claiming the news exemption within its political ads authorization process, executives tell Axios.

Why it matters: Since the 2016 election, reporters and researchers have uncovered over 1,200 instances in which political groups use websites disguised as local news outlets to push their point of view to Americans.