Health-care companies rose, but not by as much as the broad market, after a mixed earnings report for one giant U.S. insurer.
UnitedHealth Group recorded a smaller profit for the last quarter of 2020 as the company saw rising medical costs and a slowdown in commercial insurance demand because of Covid-19.
More insurees are seeking out medical services as the pandemic drags on, leading to more payouts on claims for UnitedHealth and other health insurers.
Among President Joe Biden's first executive orders is a mandate for mask-wearing at all federal properties and on interstate transportation such as flights and trains, part of an effort to tame the raging pandemic as case counts reach records in many parts of the U.S.
Shares of marijuana producers, which had run up on hopes that the Democratic victory in all three houses of government would lead to legalization, were volatile Wednesday as Joe Biden was inaugurated as president.
Shares of Tilray, one of the largest, fell by more than 6%. Rap impresario Jay-Z is launching a fund to invest in minority-owned cannabis startups to bolster Black participation in the industry.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-20-21 1704ET
