You know, perhaps it was not coronavirus that was sinking the stock market. Perhaps it was the surge of Democratic presidential candidate Sen. Bernie Sanders of Vermont.
Following former Vice President Joe Biden’s killer performance on Super Tuesday, health care stocks and the market itself came roaring back, Fox Business reported.
Wednesday saw the Dow Jones industrial average climb more than 1,173 points while the Standard & Poor’s 500 index rose four percent and the Nasdaq composite almost reached four percent.
MarketWatch linked those changing numbers in part to fears over Sanders’ “Medicare for All” proposal.
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CFRA analyst Sel Hardy said that Sanders’ signature plan would lead “to the termination of existing health insurance plans,” the outlet reported.
“In terms of our overall outlook for our stocks, unless there is a major shift in market conditions, Centene Corp., UnitedHealth, Humana Inc., and Cigna Corp. are set for double-digit top-line growth in the next three years, in our view, as they continue to have strong fundamentals,” Hardy wrote in a note to clients.
Keith Speights of The Motley Fool wrote that the rise in health care and health insurance stocks is directly linked to Sanders’ faltering on Tuesday.
“Sen. Sanders advocates a Medicare for All program that would largely eliminate the need for health insurance. His strength in the ongoing presidential campaign caused investors to worry about what might happen with big companies including Anthem, Humana, Cigna, UnitedHealth Group, and CVS Health (which owns Aetna),” Speights wrote.
“Now, however, former Vice President Biden appears to be the frontrunner for the Democratic presidential nomination. Several candidates have dropped out of the race and endorsed Biden, with former New York City mayor Mike Bloomberg the most recent to do so.”
Trump eyes action on Greenland, setting up White House face-off with Denmark
Tax fight puts California on collision course as billionaires leave for red states
Teachers union slams ‘Trump regime,’ claims ICE murdered Minneapolis agitator in message to supporters
Florida paraglider survives 500-foot plunge into ocean
Supreme Court Justice Amy Coney Barrett Makes Troubling Concession to Transgender Activists During Oral Arguments
Trump administration projects united front as president weighs Iran options
House Republican recognizes transgender Dem Sarah McBride as ‘the gentleman from Delaware’
Trump signals long road ahead in Venezuela in his boldest interventionist move yet
Trump faces Venezuela war powers uncertainty as he lobbies GOP rebels
Bill Maher Issues Perfect Response to Fellow Celebs Wearing Anti-ICE ‘Be Good’ Pins
ICE head says agents facing ‘constant impediments’ after migrant seen ramming cars while trying to flee
Venezuela releases multiple American citizens from prison following military operation
Rand Paul says GOP colleagues ‘don’t give a s‑‑t about these people in the boats’: They ‘say they’re pro-life’
DOJ says ‘no basis’ for civil rights investigation into Minneapolis ICE officer killing
GOP senator suggests Fed chair Powell resign now to dodge potential criminal indictment
Speights warned that Sanders could still win the nomination, and that if he does, “healthcare stocks, in general, and health insurance stocks, in particular, will likely be highly volatile.”
Democrats always present an existential threat to the stock market, but Sanders and his free-ride plans present an even more prominent danger than usual.
Coronavirus scares likely had something to do with the dip in the market, but it is tough not to see the correlation between Sanders taking a pounding and the market bouncing back.
It goes to show what many of us have said all along. Electing a Democrat, particularly a socialist, as president would annihilate the economy.
Trump eyes action on Greenland, setting up White House face-off with Denmark
Tax fight puts California on collision course as billionaires leave for red states
Teachers union slams ‘Trump regime,’ claims ICE murdered Minneapolis agitator in message to supporters
Florida paraglider survives 500-foot plunge into ocean
Supreme Court Justice Amy Coney Barrett Makes Troubling Concession to Transgender Activists During Oral Arguments
Trump administration projects united front as president weighs Iran options
House Republican recognizes transgender Dem Sarah McBride as ‘the gentleman from Delaware’
Trump signals long road ahead in Venezuela in his boldest interventionist move yet
Trump faces Venezuela war powers uncertainty as he lobbies GOP rebels
Bill Maher Issues Perfect Response to Fellow Celebs Wearing Anti-ICE ‘Be Good’ Pins
ICE head says agents facing ‘constant impediments’ after migrant seen ramming cars while trying to flee
Venezuela releases multiple American citizens from prison following military operation
Rand Paul says GOP colleagues ‘don’t give a s‑‑t about these people in the boats’: They ‘say they’re pro-life’
DOJ says ‘no basis’ for civil rights investigation into Minneapolis ICE officer killing
GOP senator suggests Fed chair Powell resign now to dodge potential criminal indictment
Not that Biden would be much better. He has moved to the left on many issues, including a much more relaxed stance on illegal immigration.
There is also the issue of Biden’s advanced years. If he were to pick a progressive vice president who would be a heartbeat away from the presidency, it could be another downer for the market.
Biden does not advocate a “Medicare for All” system right now, but rest assured that is where the Democratic Party is heading.
One Super Tuesday victory by the lesser of two evils is not going to stop that train.
That is why it is important to elect not only President Donald Trump again in November, but also a Republican House and Senate to finally fix health care.
Story cited here.
