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

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
Updated 13 mins ago - Health

13 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

13 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Kansas, Montana, North Dakota and Wyoming surpassed records from the previous week.

The big picture: The pandemic is getting worse again across the country, and daily coronavirus cases have risen in the U.S. for six straight weeks, according to a seven-day average tracked by Axios. The U.S. reported over 80,000 new cases on both Friday and Saturday.

Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

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