Sector Update: Health Care

Health care stocks advanced Monday afternoon with the NYSE Health Care Index rising 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.1%.

The iShares Biotechnology ETF (IBB) fell 1.1%.

In corporate news, Florida's Agency for Health Care Administration said Friday it intends to award new contracts to five health plans for the Statewide Medicaid Managed Care Program. Among the contracts announced were for Humana's HUM Medical Plan, Elevance Health's ELV Simply Healthcare Plans and Centene's CNC Sunshine State Health Plan. Centene shares rose 3.9%, Humana gained 0.9% and Elevance added 0.8%.