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UnitedHealth Sinks 7% on Sanders Win; Biggest Drag on Dow

Stock MarketsFeb 24, 2020 12:40PM ET
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© Reuters.

By Kim Khan

Investing.com - With Wall Street plunged into the red on concerns Covid-19 is a pandemic in the making, it may be surprising that the biggest drag on the Dow is a healthcare stock.

But don’t underestimate the impact of politics.

UnitedHealth (NYSE:UNH) lost 7.6% in afternoon trading. The Dow Industrials is a price-weighted index, so its decline of 23 points translated into a loss of 156 points for the blue-chip index.

That’s the biggest intraday loss of the stock in 8-1/2 years.

Health insurers are under pressure after Sen. Bernie Sanders won the Nevada Democratic caucus, upping his chance on becoming the party’s nominee.

Sanders’ Medicare for All healthcare plan would eliminate private insurers from the market.

“It appears to us that Sen. Bernie Sanders is not just solidifying his position but also could be a bigger threat to President Trump in the general election than the market appreciates,” S.G. Cowen’s Jaret Seiberg wrote in a note, Bloomberg reported.

“That would represent a major threat to financials and housing as Sanders has the most punitive agenda for these sectors given his plans for taxes and regulation,” Seiberg said.

Today’s drop wiped out UnitedHeath’s gains for this year and shares are down about 5% in the last 52-weeks.

The S&P Health Care sector was down 3.2%, with just two components in the green: Gilead (NASDAQ:GILD) and Regeneron Pharmaceuticals (NASDAQ:REGN).

UnitedHealth Sinks 7% on Sanders Win; Biggest Drag on Dow
 

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Comments (3)
Rod Deh
Rod Deh Feb 24, 2020 1:39PM ET
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I dont think that is why it is down.... if that is the case people are lol. Even if Bernie wins it all he will be am angry old.man for 4 years because Congress will block his wacko ideas
Benjamin McIntire
Benjamin McIntire Feb 24, 2020 1:23PM ET
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Lol they tryin to pin today on Sanders eh? Lmfao
trung le
trung le Feb 24, 2020 1:23PM ET
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this is owned by fox news...so nothing out of ordinary lol
Matthew VS
Matthew VS Feb 24, 2020 1:13PM ET
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Sanders is poised to become the next Joseph Stalin. He would cause the death of hundreds of millions of people around the world with his dark communist policies.
Yigit Tursoy
Yigit Tursoy Feb 24, 2020 1:13PM ET
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Some says he eats babies
Mart Bab
Rubberduck1973 Feb 24, 2020 1:13PM ET
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And you call him dark?
 
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