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Health care stocks spike higher after McCain says ‘no’ to Graham-Cassidy

Health care stocks spiked higher in afternoon trade, to erase nearly all of their earlier broad losses, after Sen. John McCain said he could not vote for the Senate bill to repeal major parts of the Affordable Care Act, also known as Obamacare. The SPDR Health Care Select Sector ETF was down just 0.1% in afternoon trade, but had been down as much as 0.5% before McCain said no. Within the ETF, shares of UnitedHealth Group Inc. were down as much as 3.6% to lead the Dow Jones Industrial Average’s decliners, but bounced to be down just 1.1% post-McCain. Elsewhere, shares of Aetna Inc. and Cigna Corp. were both up 0.2%, reversing earlier losses of 1.9% for Aetna and 1.0% for Cigna.

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