UnitedHealth Group saw its worst stock day in nearly 9 years on Feb. 24, with shares dropping 7.8%, according to MarketWatch.
While stocks around the world were dropping the same week due to coronavirus, or Covid-19, fears, investors of UnitedHealth were likely influenced by the Democratic primary results in Nevada at the same time. Sen. Bernie Sanders (I-Vt.), a staunch supporter of a single-payer healthcare system in the U.S., claimed victory among a field of Democratic candidates. Sanders’ policies, if elected, could represent a danger to private healthcare companies and those on Wall Street.
“The manner of his victory in Nevada may have spooked investors,” MarketWatch reported.
However, when Sanders won the New Hampshire Democratic primary in the previous weeks, stock of both Centene and UnitedHealth Group, which owns the nation’s largest health insurance company, rose. Investors at that time more likely believed Sanders would be unable to beat President Trump in the general election.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."