Business
Biden wins, bill for emergency expenses
Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Dow Jones Industrial Average soars 1,173 points
TheDowrallied 1,173.45 points, or 4.53%, to 27,090.86. The S&P 500 jumped 4.22% to 3,130.12. Nasdaq Compound also jumped 3.85% to 9,018.09. Stocks took advantage of a relief rally over former Vice President Joe Biden's victories in Super Tuesday.
Healthcare stocks jump after Biden win
Biden's performance placed him in front of Vermont Senator Bernie Sanders among the delegates, allaying some of Wall Street's fears about the Vermont senator's policy proposals. Sanders has promised to take over the pharmaceutical industry and his biggest proposal, "Medicare for All", would end private health insurance.
Health care stocks rallied in unison on Biden news. The selected healthcare sector SPDR ETF traded more than 5%. UnitedHealth and Centene jumped 10.72% and 15.60%, respectively. UnitedHealth stocks had their biggest overnight gain since 2008.
Tax expenditures to fight the coronavirus
Investors also applauded the news that lawmakers have reached an agreement on more than $ 8 billion in emergency funding to combat the spread of the coronavirus. The move follows an emergency drop in Federal Reserve interest rates on Tuesday. The Fed's extraordinary drop was the first such emergency action between scheduled meetings since the 2008 financial crisis.
What happens next?
Investors will look for any news on the fast-spreading coronavirus. On the data side, weekly unemployment claims are expected to be released on Thursday morning.
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