NEW YORK - Second-quarter strength in U.S. healthcare stocks is almost as reliable for Americans as warming weather and the start of baseball season. This year, however, the already-lagging sector may struggle to sustain any kind of rally.
That could upend a traditional second-quarter trend. The overall market tends to be more rocky starting in the period, so investors become more defensive with their portfolios, benefiting groups such as healthcare that are seen as safer bets, according to CFRA strategists. “When the Fed shifted their stance in early January, it totally changed the backdrop,” said Walter Todd, chief investment officer at Greenwood Capital in South Carolina. Investors sold healthcare stocks and “started buying the most beat-up names,” he said.
The healthcare sector has climbed 72% of the time during the second quarter, according to CFRA, which looked at 30 years of data. That compares to 62% for the overall S&P 500, and is a higher rate than the other sectors. The healthcare sector on average has gained 3.6% in the second quarter, compared to 2.2% for the S&P 500, according to CFRA.
“It’s a bad week where all these things have kind of combined and people just want out,” Jeff Jonas, a healthcare portfolio manager with Gabelli Funds, said on Friday.
'Healthcare stocks', Jesus Christ what a mess.
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