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Healthcare stocks rally as investors seek safety amid tech debt worries

By Reuters News2 hours ago Updated

** The S&P 500 healthcare index .SPXHC hit a record high on Thursday as investors rotated into defensive stocks amid concerns about a potential debt crisis among highly leveraged technology companies

** Shares of drugmaker Eli Lilly LLY.N rose 5.2%, while Bristol Myers BMY.N, Amgen AMGN.O, Abbvie ABBV.N, J&J JNJ.N, Pfizer PFE.N were up 4-2%; the overall Index was last up 2.8%

** "We also saw a rotation into the very defensive consumer staples, health care and utility stocks," said Sam Stovall, chief investment strategist at CFRA Research in New York

** On Wednesday, RBC Capital Markets swapped its preference for US technology stocks in favor of healthcare, upgrading the latter to "overweight" and cutting tech to "market weight" on valuation concerns

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