Dow Surges More Than 1,000 Points On Heels Of Biden’s Super Tuesday Wins

New York Daily News, The (NY)

The Dow Jones Industrial Average surged more than 1,173 points Wednesday, as investors reacted to Joe Biden’s electoral gains on Super Tuesday.

The 4.5% climb reversed losses from a tough Tuesday on Wall Street, where coronavirus fears have battered the markets over the past two weeks. A half-percentage point interest rate cut from the Federal Reserve on Tuesday -- the first emergency slashing since 2008 -- had done little to calm the financial waters.

But Biden’s monster performance Tuesday night, which saw him claw back the title of Democratic front-runner from Bernie Sanders, seemed to soothe traders.

Also figuring into the mix: a more than $8 billion cash infusion for virus prevention agreed to by congressional leaders on Wednesday.

But the Biden bump might have offered the biggest boost, calming investors who are wary of Sanders’ plans to replace private health insurers with a national single-payer system. Health care stocks soared more than 5% on Wednesday,

“Buyden,” tweeted Josh Brown, CEO of Ritholtz Wealth Management.