Health-care companies rose to all-time highs after robust earnings from one major health insurer.
Shares of UnitedHealth Group rose by more than 5% after the largest U.S. health insurer by enrollees posted earnings growth ahead of Wall Street expectations.
Rivals such as CVS, Humana and Cigna rose in sympathy. Risk-tolerant investors rotated out of the tech sector and into other high-growth niches such as biotechnology.
The iShares Biotechnology exchange-traded fund rose by almost 2%.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-16-24 1710ET