Healthcare stocks are rising after John McCain dealt a major blow to the Republican healthcare bill

Healthcare stocks got a boost Friday afternoon when Senator John McCain of Arizona spoke out against the proposed Graham-Cassidy healthcare bill, which is currently making its way through the Senate.

McCain, who dealt the final blow to Republicans’ previous attempt at repealing the Affordable Care Act, said lawmakers “should not be content to pass health care legislation on a party-line basis.”

His statement sent the S&P 500 healthcare index, which consists of 10 stocks, up 0.45%.

Here are some of the most notable movers:

Shares of Humana (HUM) initially spiked as high as 0.3%, but fell to trade down around 0.21% mid-afternoon.

Senators Lindsey Graham and Bill Cassidy unveiled their last-ditch attempt at repealing the Affordable Care Act last week. You can read more about the details of the bill from Business Insider’s Bob Bryan here.

A vote was originally scheduled to take place next week, but as lawmakers scramble to hammer out the details, that is looking less and less likely to happen.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.