Dow Jones Industrial Average

The ACA has helped, not hurt, the health care industry

Data: S&P, Yahoo Finance; Chart: Andrew Witherspoon/Axios

The earnings and stock prices of health care companies have increased a lot more than the broader market since former President Obama signed the Affordable Care Act into law in 2010.

Between the lines: The ACA was designed to expand coverage and nudge companies toward new behaviors. But despite critics' warnings about the end of private insurance or a government takeover of health care, the law has not upended the system's underlying structure or stifled the industry's ability to reap large profits.

S&P, Dow hit record highs led by Amazon and Apple

Traders on floor of NYSE
Photo: Xinhua/Qin Lang via Getty Images

The S&P 500 and Dow Jones Industrial Average reached record highs Thursday thanks to sharp gains by Amazon and Apple, as well as diminished concerns over the scale of the U.S.-China trade war.

Why it matters: A handful of stocks continue to drive the market to record highs. Some market-watchers worry about the lack of breadth in the market, and what could happen if and when there is a rotation out of these stocks.