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Healthcare stocks tumble as Wall Street rout slams sector

Companies listed in the S&P 500 Healthcare Index fell more than 4 percent at market open.

UPDATE: 4:10 p.m.

The S&P 500 Healthcare Index closed down 2.25 percent on Monday, as a fifth straight day of Wall Street losses took its tool on industry stocks. At one point, the index was down more than 4 percent.

Hospital operators Tenet Healthcare and Universal Health Services both closed down more than 3 percent, while shares of Hospital Corp. of America rebounded to close down just under 2 percent.

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Original Story

Monday's Wall Street sell-off hit healthcare stocks, with companies listed in the S&P 500 Healthcare Index trading down more than 4 percent at market open.

Prices, however, started to rebound, with the index down a little more than 3 percent as of 11:30 a.m.

Overall, concerns over the Chinese currency, the European economy, plummeting oil prices and uncertainty over Federal Reserve rate hikes led the S&P 500 to fall more than 3 percent, while the Dow Jones Industrial Index  and the Nasdaq Composite Index also fell around 3 percent.

Healthcare providers in the index saw deep losses on Monday. For example, despite earlier announcing a $415 million acquisition of a rival dialysis provider, DaVita Healthcare saw shares fall by more than 2 percent.

As for hospital operators, Tenet Healthcare shares were down nearly 3 percent, Hospital Corp. of America saw shares fall just over 3 percent and Universal Health Services shares were down nearly 4 percent.

Check back for updates.

 

Twitter: @HenryPowderly