BUZZ - Driven by concerns over tech stock debt, investors seek safe havens, boosting healthcare stocks

October 15 - ** On Thursday, the S&P 500 Health Care Index .SPXHC hit a record high as investors, concerned about the possibility of a debt crisis among highly leveraged (link) technology companies, flocked to defensive stocks.

** Shares of pharmaceutical company Eli Lilly (LLY.N) rose 5.2%, while Bristol Myers Squibb (BMY.N), Amgen (AMGN.O), AbbVie (ABBV.N), Johnson & Johnson (JNJ.N) and Pfizer (PFE.N) posted gains between 4% and 2%; the overall latest increase for the index was 2.8%.

** “We are also observing flows moving into very defensive consumer staples, health care, and utilities stocks,” said Sam Stovall, Chief Investment Strategist at New York-based CFRA Research.

** On Wednesday, RBC Capital Markets, due to valuation concerns, shifted its previous preference from U.S. technology stocks in favor of health care stocks, upgraded its rating on the latter to “overweight” and downgraded technology stocks to “market perform.”

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