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.