Stocks soar on plans for more stimulus measures, Biden wins
The Dow Jones Industrial Average soared more than 1,100 points, or 4.5%, Wednesday as governments and central banks around the globe took more aggressive measures to fight the virus outbreak and its effects on the economy.
Health care companies led the gains after Joe Biden solidified his contender status for the Democratic presidential nomination. Investors see him as a more business-friendly alternative to Bernie Sanders. Congressional leaders agreed on an $8.3 billion bill to battle the new coronavirus, and investors are anticipating that more central banks will follow the Federal Reserve’s lead in cutting rates.
The S&P 500 jumped 4.2% and the Nasdaq rose 3.8%.