Health care stocks soar, add more than 350 points to the Dow’s price

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Shares of UnitedHealth Group Inc. soared 10.2% in morning trading, enough to pace the Dow Jones Industrial Average’s gainers, as the uncertain election outcome is seen as a boon to the health care sector. The stock’s price gain of $32.65 was adding about 215 points to the Dow’s price, while the Dow was up 547 points, or 2.0%. Among the Dow’s other health care companies, shares of Merck & Co. Inc. hiked up 6.5%, Amgen Inc. rallied 6.2% and Johnson & Johnson is climbed 1.9%. In total, the above health care stocks added about 355 points to the Dow’s price. “The bottom line, in our view, is that while most areas of the market will likely hate the uncertainty of now knowing how the election will turn out, we know enough to believe this is a good outcome for the health care sector as a whole, and should be viewed as a clearing event,” Raymond James analyst Chris Meekins wrote in a note to clients. Elsewhere in the sector, shares of Cigna Corp. jumped 13.7%, Eli Lilly & Co. ran up 12.7% and Anthem Inc. charged up 10.4%. Meanwhile, Biogen Inc.’s stock rocketed 39.4%, amid reports that an Food and Drug Administration staff is backing approval of the biotech’s Alzheimer’s drug.
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