Thursday, February 26, 2009

Bye bye health care

Today's headline: Obama Wants $634 Billion for Health, Says More Needed

The result: XLV (health care ETF) down 5.0% today
Big losers include:
Abbott Labs (ABT) -5.7%
Amgen (AMGN) -9.4%
Bristol-Myers (BMY) -5.2%
Gilead Sciences (GILD) -5.0%
Medtronic (MDT) -6.1%
Merck (MRK) -6.7%

I must ask, is this man totally inept or is he trying to crash the stock market?

UPDATE: XLV down another 4.0% today. Financials (XLF) down 6.5% as Citigroup falls 39.0% thanks to the government giving them more help. With friends like these, who needs enemies.