Dow jumps more than 900 points as Biden Super Tuesday victories boost health care stocks

[Yo_Mama_Been_Loggin]

Stocks surged on Wednesday as major victories from former Vice President Joe Biden during Super Tuesday sparked a massive rally within the health-care sector.

The Dow Jones Industrial Average traded 911 points higher, or 3.2%. The S&P 500 jumped 3.1%, while the Nasdaq Composite advanced 2.9%. With Wednesday’s rally, all three major averages are on pace to move out of correction territory, or less than 10% down from their 52-week highs.

Biden scored key primary victories in states including North Carolina, Texas and Arkansas, giving his campaign momentum and increasing his odds of being the Democratic Party’s presidential nominee. Many investors have applaud Biden for his middle-of-the-road tack in contrast to the more progressive policies of Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass.

Tuesday’s primary results sent health-care stocks flying. The Health Care Select Sector SPDR ETF (XLV) traded more than 4% higher. UnitedHealth and Centene jumped 10.7% and 14.4%, respectively. Shares of UnitedHealth were on pace for their biggest one-day gain since 2009.

https://www.msn.com/en-us/money/markets/dow-futures-indicate-300-point-pop-as-biden-scores-early-lead-on-super-tuesday/ar-BB10HOOP?ocid=msn360

Waiting for Trump's Twitter tantrum claiming he deserves credit.

[peoli]

1. Wall Street loves corporate Democrats

Profits for Billionaires

[Yo_Mama_Been_Loggin]

3. I'm a retiree who recently lost $60,000 in net worth

So it's not just billionaires who have money in the stock market.

Since most companies no longer offer a defined pension a 401K or an IRA is what many retirees live on.

[FreeState]

5. This - I make substantially less than 100k a year and lost a lot too

This line of attack does not work. It offends those of us that have worked our asses off for what little we have even compared to Burnie ($million plus).

[Gothmog]

2. It is the Biden Bounce

Link to tweet

Link to tweet

Link to tweet

[riversedge]

4. NYT: Stocks Surge as Biden Leads Super Tuesday Results

Stocks Surge as Biden Leads Super Tuesday Results
https://www.nytimes.com/2020/03/04/business/stock-markets-today.html?emc=edit_na_20200304&ref=headline&nl=breaking-news&campaign_id=60&instance_id=0&segment_id=21871&user_id=8cbf35c306e720c7e6384d1bf32ec141&regi_id=22098736



Health care stocks led the gains, as investors reacted to the latest Democratic primary results.



March 4, 2020 Updated 6:25 p.m. ET

Here’s what you need to know:

U.S. stocks bounce back after Wall Street’s wild ride.
United Airlines will cut service on domestic routes.
Companies plead with Americans not to overreact (and to keep traveling).
The I.M.F. gives a grim warning on economic fallout.
South by Southwest is still on, even as TikTok and Twitter bow out.

U.S. stocks bounce back after Wall Street’s wild ride.

Shares on Wall Street rose on Wednesday, bouncing back from a steep drop the day before, as investors responded to Joseph R. Biden Jr.’s strong showing in the Democratic Party’s primaries and congressional efforts to combat the spread of the coronavirus.

Though the virus and its impact on global economic growth have dominated financial headlines for the past two weeks, Wall Street has also worried about Mr. Biden’s top rival, Senator Bernie Sanders who plans to take on banks and tax stock and bond trades, and aims to eliminate most private health insurance.

Health care stocks led the gains on Wednesday, rising more than 5 percent. Shares of insurers like UnitedHealth Group, Cigna and Anthem Health rose more than 10 percent.

“The strong result by Joe Biden in the Democratic primaries last night are a significant positive development for the market,” Marko Kolanovic, a strategist at JPMorgan Chase, wrote in a note to clients. “It likely removes the possibility of a far left candidate — a risk that was rattling markets last week.”.........................................

[Steelrolled]

6. While I'm always happy to see the stock market go up

the 10-14% jumps in the big health insurance companies are just depressing, for what it means.