Health-care companies rose sharply in an abrupt sector rotation.
As chip stocks, the dominant force in the May stock rally, sold off Thursday, investors appeared to reposition themselves in the health-care and financial sectors.
Shares of giant health insurers, such as UnitedHealth Group and Humana, which have been out of favor for a year or more, rose sharply. Bank of America boosted its rating on UnitedHealth, the largest U.S. health insurer by enrollees.
The SPDR Select Sector Health Care exchange-traded fund, which tracks the health-care industry group of the S&P 500, rose by more than 3%.
Write to Rob Curran at rob.curran@dowjones.com
