Wednesday, March 4, 2020

Stocks Surge, Dow Jones Jumps 800 Points During Mid-Day Trading

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U.S. equity markets surged Wednesday after former Vice President Joe Biden’s strong showing on Super Tuesday lifted health care stocks and helped narrow the field of 2020 contenders as billionaire Mike Bloomberg tossed his hat out of the ring. ⁣ ⁣The Dow Jones Industrial Average rallied over 1,173 points, the second-best point gain ever or 4 percent. The S&P rose 4 percent and the Nasdaq just under that level. ⁣ ⁣Wednesday's rebound came one day after the Federal Reserve's emergency rate cut to insulate the U.S. economy from the new coronavirus. ⁣ ⁣With votes still being counted, Biden had secured about 453 delegates on Super Tuesday, according to the Associated Press, capping a dramatic comeback after his campaign was left for dead following the Nevada caucus on Feb. 22. Meanwhile, Sen. Bernie Sanders, I-Vt., the self-declared democratic socialist and perceived frontrunner ahead of Tuesday night, had secured 382 delegates. ⁣ ⁣Health care stocks, led by the insurers, soared in response to Biden’s big night. The names had been badly beaten down, underperforming the S&P 500, as Sanders, who is an advocate of Medicare-for-all, climbed in the polls. UnitedHealth Group, which was up close to 10 percent, adds 6.78 points with every gain of $1.

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