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.”
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African Nation Names One of the Continent’s Largest Roads ‘Donald J. Trump Highway’
Democratic Rep. Who Pushed Latest Impeachment Attempt Against Trump Loses Re-Election Bid
Hasan Piker becomes both a Democratic kingmaker — and political liability
Abdul El-Sayed’s Medicare-for-all crusade collides with an awkward contradiction involving his wife
GOP Senate Nominee Mike Rogers Kicks Off Race Against El-Sayed With a Big Swing
‘Large Jewish Dem Donors’ to Back Republican Mike Rogers After El-Sayed Wins Dem Primary: Report
DOJ puts $25 million bounty on US-born cartel leader
Trump’s antitrust point man could reshape Big Tech cases against Google and Apple if confirmed
US revokes Brazilian ambassador’s visa in diplomatic tit-for-tat
Alex Murdaugh’s lawsuit against Rebecca Hill dismissed by judge who says clerk doesn’t owe him for defense
FAA, NTSB investigating possible violation of safety protocol involving Trump, Marine One
Tlaib moves to block ICE airport arrests, says TSA helping target immigrants
Israel strikes Hezbollah in Lebanon as Rome peace talks continue
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.
El-Sayed’s threat against GOP rival backfires as conservatives bring receipts: ‘Is Dubai in Florida’
Taxpayer-funded housing for illegal immigrants in GOP’s crosshairs: ‘It’s got to stop’
African Nation Names One of the Continent’s Largest Roads ‘Donald J. Trump Highway’
Democratic Rep. Who Pushed Latest Impeachment Attempt Against Trump Loses Re-Election Bid
Hasan Piker becomes both a Democratic kingmaker — and political liability
Abdul El-Sayed’s Medicare-for-all crusade collides with an awkward contradiction involving his wife
GOP Senate Nominee Mike Rogers Kicks Off Race Against El-Sayed With a Big Swing
‘Large Jewish Dem Donors’ to Back Republican Mike Rogers After El-Sayed Wins Dem Primary: Report
DOJ puts $25 million bounty on US-born cartel leader
Trump’s antitrust point man could reshape Big Tech cases against Google and Apple if confirmed
US revokes Brazilian ambassador’s visa in diplomatic tit-for-tat
Alex Murdaugh’s lawsuit against Rebecca Hill dismissed by judge who says clerk doesn’t owe him for defense
FAA, NTSB investigating possible violation of safety protocol involving Trump, Marine One
Tlaib moves to block ICE airport arrests, says TSA helping target immigrants
Israel strikes Hezbollah in Lebanon as Rome peace talks continue
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.
