On the eve of Super Tuesday, former Vice President Joseph R. Biden, Jr. received endorsements from Pete Buttigieg, Senator Amy Klobuchar and Beto O’Rourke.CreditCredit…Erin Schaff/The New York Times
Dow, S&P 500 and Nasdaq swell after a protracted run of volatility.
Pic added by The non-Conformist to further prove a point!
The fix is in
Yet on Wednesday, it became clearer that the former vice president had captured primary wins in 10 states, including Texas, a showing that propelled him to the front of the field. Sanders may still score the day’s biggest prize, California, where he is leading.
“Bernie Sanders’ socialist program includes lots of proposals to increase taxes and regulations, which would weigh on the economy and corporate earnings,” said Ed Yardeni, president of Yardeni Research. “The market’s sell-off last week on Sanders’ primary victories and rebound on Monday after Biden’s big win in South Carolina and this morning after Super Tuesday suggest that domestic U.S. politics may matter as much as the global health crisis to investors.”
The Dow surged hundreds of points in the final minutes of the session, closing at 27,091, up 1,173 points on the day. The Standard & Poor’s 500-stock index finished up 4.22 percent, while the tech-heavy Nasdaq composite index closed with a 3.85 percent gain. Mike Bloomberg’s retreat from the Democratic presidential primary and a report showing unexpected growth in the U.S. service sector added to Wall Street’s feel-good vibe.