Health-care companies rose as a tax-and-spending bill passed the U.S. Congress. The bill will result in many Americans losing access to Medicaid, and to plans sold under the rubric of the Affordable Care Act. Investors are divided on the extent of the implications for health insurers' profitability.

Insurance companies pledged to reduce wait times for prior authorization approvals, with support from Dr Mehmet Oz.

Health-care companies rose sharply amid hopes that insurers' revenue would not be significantly altered by the tax-and-spending bill that passed the Senate. Health insurers such as UnitedHealth Group, Humana and Cigna rallied as traders viewed Medicaid cutbacks as relatively modest.