Stocks rise after Sanders leaves presidential race

10 Apr, 2020 - 00:04 0 Views
Stocks rise after Sanders leaves presidential race

eBusiness Weekly

The major stock indexes rose following Bernie Sanders’ announcement that he is leaving the presidential race, leaving Joe Biden as the presumptive Democratic nominee.

At the end of Wednesday, the Dow Jones Industrial Average rose more than 779 points, the S&P 500 more than 90 points and the Nasdaq composite index more than 203 points.

More than two-thirds of investors viewed Joe Biden as the most stock-market friendly Democratic candidate, according to an RBC survey last year of US equity investors.

Sanders’ platform included Medicare for All, a wealth tax and Wall Street reform, which would involve breaking up the big banks. A senior adviser on his presidential campaign once called him an “existential threat” to parts of Wall Street.

On Wednesday, White House health adviser Dr Anthony Fauci also said the US is seeing “glimmers of hope” when it comes to Covid-19, with deaths lagging behind the number of new cases and hospitalisations.

In a roller-coaster week, the major stock indexes closed lower on Tuesday, with the Dow climbing 900 points before flatlining in the last hour of the session. New York Gov. Andrew Cuomo reported that state’s biggest one-day jump in deaths from Covid-19.

Stocks had soared the day before, with all three indexes posting 7 percent gains as investors were encouraged by reports that new daily cases of Covid-19 slowed over the weekend.

Headlines pointed to a stabilisation of the spread in the United States as new cases dropped for the first time on Sunday. That number rose again to 29 023 Monday.

The spread of Covid-19 has shaken financial markets and led to layoffs across the country. There are now more than 1,3 million confirmed cases of the virus worldwide, and more than 79  300 people have died, according to the World Health Organisation.

In the United States and US territories, the number of confirmed cases has exceeded 424 100, while the death toll has risen to more than 14 200. — marketplace.org-

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