Hospitals Gain as Republican Health Repeal Bill Is Pulled
- Tenet, Community rise as bill fails; Medicaid insurers gain
- Vote on GOP bill is canceled at last minute on Friday
Republicans Scrap Vote on Health Care Bill
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Health stocks surged late in the trading session Friday after Republicans pulled their bill to repeal and replace Obamacare, lacking the votes to pass it in the House.
Hospitals led the advance, with the BI North America Hospitals Competitive Peer Group Index up 5.4 percent at the close in New York. Centene Corp., an insurer that focuses on Medicaid plans, rose 5.2 percent to $68.73. Hospitals and insurers like Centene would have been hurt by the GOP bill, which would cut millions of people from health insurance and roll back an expansion of the Medicaid program for the poor.