Managed-Care Stocks Tumble as HHS Chief Adds to Policy Worries
Photographer: Mike Bradley/Bloomberg
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Health insurers led U.S. stocks lower as investors fled the sector plagued by increasing political risks from Washington.
The S&P 500 Managed Care Index fell 4 percent on Thursday, to the lowest since Jan. 8, paced by declines in UnitedHealth Group Inc., WellCare Health Plans Inc. and Centene Corp. Health and Human Services Secretary Alex Azar on Thursday renewed his call for large employers to ensure their workers get prescription drug rebates at the pharmacy counter. The agency has proposed the requirement for Medicare’s Part D drug program.