Health Care Stocks Are Staying Strong in 2024

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Source: Wall Street Journal
Author: Hardika Singh
Date: February 26, 2024

The “everything rally” that started in October has slowed in the new year for assets including small-caps, industrial stocks and gold. One exception: health care stocks.

The health care sector has added 7.8% this year, outpacing the S&P 500’s 6.5% gain. That makes it the third-best performing segment in the broad-based index after the tech-heavy communication services and information technology segments, which are up about 10% each.

The health care sector is the only one of the S&P 500’s 11 segments to have more stocks above their 200-day moving average now than at the start of 2024, according to Strategas research note by Chris Verrone.

Some of the big gainers this year are: HCA Healthcare, which has added 16% and recently set new all-time highs; Stryker, which has added 18%; and Edwards Lifesciences, which has added 14%.