Stocks rise as Bernie Sanders drops out of US presidential race

Home Depot closing at 6 p.m. local time due to COVID-19

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Stocks added to early gains Wednesday after Sen. Bernie Sanders dropped out of the U.S. presidential race.

A strong showing by former Vice President Joe Biden in the Democratic primaries buoyed investors who view him as a more business-friendly alternative to Sanders, a strong critic of Wall Street.

The Dow Jones industrial Average climbed nearly 600 points, a day after it suffered its worst intraday reversal since 2008. The Standard & Poor’s 500 rose 2.2%, driven by gains in beaten down energy, technology and financial shares. 

Stocks opened higher Wednesday on hopes the number of new coronavirus cases is beginning to fall. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told Fox News Wednesday the U.S. death toll from the virus was lower than initially thought. U.S. health officials are planning ways for Americans to return to normal activities if social distancing measures are successful in curbing the outbreak, he said. 

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