UnitedHealth's stock suffering biggest 2-day selloff in 10 years in wake of Bernie Sanders' health plan
Shares of UnitedHealth Group Inc. tumbled 5.3% in afternoon trade Friday, to extend its selloff to a one-year low, in the wake of Senator Bernie Sanders's unveiling of his "Medicare-for-all" plan. The health insurer's stock sank 4.3% on Thursday, to bring the combined 2-day loss to 9.4%, the biggest two-day tumble since plunged 9.4% over the 2 days ending March 3, 2009. Sanders’s plan would create a single-payer health care system to replace the current job-based and individual private health insurance system. Raymond James analyst Chris Meekins said the largest impact by far would be on health insurers. The health care sector was the only one of the S&P 500's 11 sectors that was declining Friday. The SPDR Health Care Select Sector ETF shed 0.9%, while the S&P 500 climbed 0.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.