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Stocks: Dow Soars as Health-Care Stocks Ride Biden's Victories Higher

Stock MarketsMar 04, 2020 01:23PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow clawed back its losses on Wednesday, following a sharp sell-off a day earlier, with health-care issues leading the charge after former Vice President Joe Biden racked up major victories on Super Tuesday.

The S&P 500 surged 2.73%, Nasdaq Composite climbed 2.80% and the Dow Jones Industrial Average soared 2.82%.

Health-care stocks have underperformed the broader market recently on fears a Bernie Sanders' victory could usher in major disruptions for the industry, with the socialist democratic keen to pursue a "Medicare for All" policy, which would scrap private health insurance.

But those fears eased somewhat after Joe Biden won nine of the 14 states that voted to pick a Democratic White House candidate on Super Tuesday, setting up a close race for the Democratic nomination against rival Sanders.

Anthem (NYSE:ANTM) rose 15%, Centrene was up 14%, Humana (NYSE:HUM) and Cigna (NYSE:CI) were up more than 10%.

Despite the rally, investors were also monitoring the impact of the coronavirus as infections in the U.S continued to mount.

Officials in Los Angeles reported six new COVID-19 cases in the county over the last 48 hours, prompting them to declare a local emergency, taking the total number of cases in the U.S. to 130 and the death toll to nine.

Stocks: Dow Soars as Health-Care Stocks Ride Biden's Victories Higher
 

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Comments (9)
jeff brooks
jeff brooks Mar 04, 2020 4:31PM ET
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Sounds like the work of Bloomberg after endorsing Biden. Looks like a long 8 months.
Thom Miller
Thom Miller Mar 04, 2020 4:07PM ET
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Ride the Obama/Biden stock market, everybody! Yahoo! 11 strong years now! Thanks, Joe!
Sun Moon
Sun Moon Mar 04, 2020 3:56PM ET
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Biden promised he will cure diabetes, cancer and Alzheimer's.  But ONLY if he's elected. (Seems he's neglecting Coronavirus.) Clearly, the markets want him elected so we'll get those cures.
Gold Fever
Gold Fever Mar 04, 2020 3:52PM ET
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Wait, didn’t the fed just inject $110 billion overnight at 1%, maybe that is really what happened?? lmao
Sun Moon
Sun Moon Mar 04, 2020 3:52PM ET
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Naah.  From here to the election, everything good that happens will be because of Biden. Everything bad - well, you know.
joseph win
jwin Mar 04, 2020 3:52PM ET
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Biden got corona virus cure? Oh wait or was the corona virus just the reason the big banks could drop the market?
Cliff Westendorp
Cliff Westendorp Mar 04, 2020 3:45PM ET
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So we really 1000 points on Joe Biden winning, that gives people hope for improvement?
Abe Lincoln
Abe Lincoln Mar 04, 2020 3:27PM ET
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So quid pro Joe is the reason the markets up? I don't think sooooo
jeff jeff
jeff jeff Mar 04, 2020 3:23PM ET
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What absolute garbage these articles are. What reality do you live in where an unelected presidential candidate for a party that has miniscule chances to win has any bearing on the intraday movements of the stock market?
jeff jeff
jeff jeff Mar 04, 2020 3:23PM ET
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moreover 9 months out from the election. I think I got a little cancer reading this article
Sun Moon
Sun Moon Mar 04, 2020 3:23PM ET
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jeff jeff    A little cancer?  No prob!  Sleepy Joe promised to CURE cancer!  But - only if he's elected.
Pat Man
Pat Man Mar 04, 2020 3:11PM ET
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jeez....Biden has nothing to do with this bump. Try to control your bias Yasin!!!
Nick Zaharias
Nick Zaharias Mar 04, 2020 3:11PM ET
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Biden has EVERYTHING to do with today’s move. See healthcare stocks
Gold Fever
Gold Fever Mar 04, 2020 3:11PM ET
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Nick Zaharias see https://www.newyorkfed.org/markets/data-hub ..QE in full affect.. get a clue
 
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