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.”
‘Severe’ Pentagon lockdown sparks emergency response as hazmat teams sweep area
WATCH: Trump DHS escalates pressure over migrant child warnings it says Biden ignored: ‘Move heaven and hell’
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WATCH: Philadelphia police release new video of two suspects in Penn State student’s fatal robbery
Breaking: Trump Says US Will Seize Iranian Territory and ‘Assume Total Control of Their Oil and Gas Markets’
Outrageous: Black Advocates Move to Have Austin Metcalf’s Brother Arrested, Charged as Accessory to Murder
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Second Amendment fights grow across several states over 3D-printed gun laws
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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.
‘Severe’ Pentagon lockdown sparks emergency response as hazmat teams sweep area
WATCH: Trump DHS escalates pressure over migrant child warnings it says Biden ignored: ‘Move heaven and hell’
Gordie Howe bridge opening pushed back over unnamed ‘issues’ after Trump-Canada feud
Austin Metcalf’s dad expresses empathy for Karmelo Anthony as killer’s parents say ‘they did a number on us’
DOJ accuses Jamaican woman of committing marriage fraud and lying to boost disability benefits
WATCH: Philadelphia police release new video of two suspects in Penn State student’s fatal robbery
Breaking: Trump Says US Will Seize Iranian Territory and ‘Assume Total Control of Their Oil and Gas Markets’
Outrageous: Black Advocates Move to Have Austin Metcalf’s Brother Arrested, Charged as Accessory to Murder
Chip Roy fields proposal to block pay and power for longtime lawmakers
Second Amendment fights grow across several states over 3D-printed gun laws
DEADLY PHOTO: We Now Know What Karmelo Anthony’s Knife Looked Like, and It Was No Quaint Leatherman Multitool
LGBT People Surge Into Seattle from Republican States, Demand More Public Resources
Spencer Pratt’s Los Angeles mayor run ends in defeat, but the spotlight stays on
Toledo police name suspect Ka Nye Taylor in festival shooting that injured 12, hunt second gunman
Prosecutors won’t seek death penalty in Minnesota Democrat’s assassination
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.
