Why AstraZeneca, Bristol Myers Squibb, and Eli Lilly Stocks Jumped Today

Shares of several large drugmakers were jumping higher on Wednesday, following the U.S. elections. AstraZeneca (NASDAQ: AZN) stock was up 6.6% as of 3:13 p.m. EST. Shares of Bristol Myers Squibb (NYSE: BMY) weren't too far behind, with a gain of 6.4%. The biggest winner, though, was Eli Lilly (NYSE: LLY), with its stock vaulting 14.5% higher.

Why did these big pharma stocks move so much higher? It's probably because of the increased likelihood of divided government in the U.S. following Tuesday's elections. When one political party controls both the White House and both chambers of the U.S. Congress, the prospects of major changes that could negatively impact drugmakers tend to be greater.

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Source Fool.com