Shares of health-care companies rose after strong earnings from two of the largest companies in the sector.
Shares of UnitedHealth Group rallied, seeing their biggest price gain in a 33-year stock-market run after the largest health insurer by enrollees posted revenue growth that surpassed the average analyst target. Executives at UnitedHealth said President Donald Trump's recent order on short-term insurance policies could open up opportunities in an area of its expertise.
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On Tuesday, however, two senators, Lamar Alexander (R., Tenn.) and Patty Murray (D., Wash.), finalized the basics of a bipartisan deal designed to shore up the nation's health-insurance markets. The bill would, among other things, preserve for two years the billions of dollars in payments made to insurers that Mr. Trump was seeking to stop.
Health-care conglomerate Johnson & Johnson advanced after it boosted sales and earnings projections for the year, bolstered by third-quarter growth. J&J, one of the largest health-products companies by revenue based in the U.S., urged lawmakers in Washington to "unite behind" a plan to overhaul the corporate tax system.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
October 17, 2017 18:05 ET (22:05 GMT)