Health Care Stocks Rally Today As Scott Brown Surges in Polls
Posted by Jim Hoft on Tuesday, January 19, 2010, 9:13 AM
US health care stocks rallied today in hopes that health care legislation will be stalled if Scott Brown wins the special election today in Massachusetts.
The Wall Street Journal reported:
U.S. stocks opened slightly above the flatline on Tuesday, as enthusiasm for health care stocks soared ahead of the day’s influential Massachusetts election, but financials lagged after Citigroup reported a quarterly loss after three quarters of profits.
The Dow Jones Industrial Average was up 39 points, or 0.38%, at 10648, in early trading. The Standard & Poor’s 500 index was up 0.4%, lifted by its health care sector. Financials and energy stocks both lagged. The tech-heavy Nasdaq Composite was up 0.7%.
Pharmaceutical giants Merck and Pfizer were each up 1.7% as the health care sector soared ahead of Tuesday’s key election to replace the late Sen. Edward Kennedy, potentially undermining the passage of Congressional health care legislation if Kennedy is replaced by the Republican candidate Scott Brown.
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Published May 24, 2012 at 8:46 pm - 52 Comments
Old Rebel commented:
Yes, this is good news for the stock market, but it’s still troubling that DC has become so powerful that its policies can affect private enterprise even to the extent of the value of stock ownership.
Bill Mitchell commented:
Why the hell is anyone paying attention to Zogby’s prediction that Coakley will win? He has done ZERO polling on this election. His reasoning is that Coakley will have a better GOTV than Brown, which is ludicrous to anyone that has been paying attention.
P.S., Zogby placed 18th out of 20 pollsters in 2008. ‘Nuff said.
Dougf commented:
I hardly think that this is a ‘good’ thing. No matter what happens to the ill-conceived and ill-drafted HCR Legislation now under review, the current system is on its death-bed.
It is cost ineffective and can no longer be sustained, and Drug Companies and Health Care Companies are a major part of the problem. If the system could be reformed to get rid of both of these corporate entities, while preserving patient care and reducing costs, I don’t think many would really mind.
Scott Brown says that ‘something has to be done on the Health Care front —- just not ‘this’ something. Populism not corporatism is defeating Obamaism.
Personally I am not all that impressed that the gruesome twosome of Health Care are seen as benefiting from a collapse of HCR.
When do the ‘people’ benefit ?
If the Republicans defeat HCR and end up identified as flunkies of the Health Care System, it will be a very Pyrrhic Victory indeed.
Militant Conservative commented:
The public does not want HCR. Dems are voting FOR Scott Brown to stop HCR. Government needs to get out (deregulate) the healthcare industry. lack of free market system is the problem. Look what you are saying Dougf. the system is broken, Lets get more government????? Government IS the problem, capitolism is the solution.
Dante commented:
When Brown wins the Dems will find a way to delay it. But first they will “stewart smalley” the ballots, and when that doesnt work they will won’t let him take the seat until HELLthcare is passed.
Republicans will take back both Houses this year.
Ladue Pundit commented:
it will be a very Pyrrhic Victory indeed.
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The market is rallying right now because there’s a pivotal race where a free market candidate is ahead.
The Pyrric victories belong to the Democrats who support marxist intervention, when they win = we lose.