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Dow surges 1,173 points as investors weigh Biden wins, rate cuts

U.S. stocks soared Wednesday as investors weighed a big night for former Vice President Joe Biden in the Democratic primaries and the economic impact of the coronavirus outbreak. 

The Dow Jones industrial average rallied 1,173.45 points to close at 27,090.86, rebounding after tumbling nearly 800 points a day earlier. The Standard & Poor’s 500 climbed 4.2% to end at 3,130.12, led by sharp gains in health care shares. The Nasdaq Composite rose 3.9% to finish at 9,018.09. 

Biden capped a strong Super Tuesday by winning Texas, the third-largest overall prize in the Democratic primaries, and at least eight other states. Bernie Sanders, a strong critic of Wall Street, won the biggest prize of Tuesday’s primaries with a victory in California. 

“The market’s reaction Wednesday shows that investors have a clear preference for Joe Biden over Bernie Sanders,” says Michael Sheldon, chief investment officer and executive director at investment advisor RDM Financial Group at Hightower.

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