Hospital stocks tumbled a little harder than the equity markets Wednesday on the Federal Reserve’s expected decision to raise benchmark interest rates one-quarter of 1%.
The drop was led by Universal Health Services, the nation’s largest provider of behavioral care. The behavioral and acute-care hospital chain Wednesday was downgraded by Raymond James after Rep. Chuck Grassley (R-Iowa) sent the company a letter asking for an update of a federal investigation of behavioral health admissions that includes Universal.
