Health Care Flat on Rotation to Rate-Sensitive Sectors - Health Care Roundup
Dow Jones04:54
Health-care companies were more or less flat as traders rotated into sectors with more to gain from a prolonged hold on the Fed funds rate.
The health-care sector has outperformed the broad market in recent weeks, being somewhat insulated from jitters about inflation and interest rates.
The SPDR Select Sector Health Care exchange-traded fund, which tracks the health-care industry group of the S&P 500, is up about 18% since June 1 while the S&P 500 is little changed.
Shares of Ultragenyx plunged by roughly 45% after the biotech firm's gene therapy for a rare neuro-degenerative disease.
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