Reply #64: U.S. Stocks Rise as Drug Shares Gain on House Health Bill

[Nikki Stone1]

The real winners:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aL4ytMjFNPoo&pos=1

March 22 (Bloomberg) -- U.S. stocks rose, erasing an early drop, as drugmakers gained after the House of Representatives passed an overhaul of the health-care industry and analyst upgrades lifted companies from Citigroup Inc. to Boeing Co.

Bristol-Myers Squibb Co. and Pfizer Inc. climbed at least 1.4 percent to help lead health-care companies higher after the House approved legislation that will ensure tens of millions of uninsured Americans will get medical coverage. Boeing Co. advanced 1.7 percent to help lead gains in the Dow Jones Industrial Average. Citigroup Inc. jumped 3.6 percent as Richard X. Bove at Rochdale Securities LLC advised buying the shares.

“The health-care legislation approval removes the uncertainty,” said Richard Sichel, chief investment officer at the Philadelphia Trust Co., which manages $1.4 billion. “On top of that, the shares had been beaten down, so you can find reasonably valued companies.”

The S&P 500 increased 0.5 percent to 1,165.81 at 4:04 p.m. in New York, reversing an earlier 0.6 percent retreat. The Dow average climbed 43.91 points, or 0.4 percent, to 10,785.89....