Unmoved By Trump Actions, Stocks Soar Following Joe Biden’s Super Tuesday Success
CNBC reported a “triple digit jump” for the Dow Jones Industrial Average on Wednesday morning, as it is set to open 657 points higher than yesterday. The surge is being attributed to Joe Biden’s Super Tuesday success, as markets often respond well to stable, centrist frontrunners.
Health care stocks have specifically surged as Biden’s delegate victories have halted Sen. Bernie Sanders’s momentum, lowering the odds of Sanders becoming the nominee, and therefore potentially eliminating the chances of seeing his Medicare for All proposal introduced, which is seen by many investors as damaging to the health care sector.
CNBC noted a “sharp drop” on Tuesday, as “The Dow shed 786 points, or 2.94%, while the S&P 500 and Nasdaq fell 2.81% and 2.99%, respectively.” Wednesday’s open, however, additionally saw the S&P and Nasdaq rise more than 2% higher.
Donald Trump has been attempting to correct the market’s recent volatility, calling for larger tax cuts and an even bigger Fed rate cut on Tuesday.
Last week, despite clear connections to coronavirus, the president blamed the fallen markets on the 2020 Democratic presidential candidates, claiming, “I think they are not very happy with the Democrat candidates when they see them, I think that has an impact, and we think we are going to win, we think we are going to win easily, but you never know, it is an election.”
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