Stocks on Wednesday boasted solid gains after a string of major Democratic primary victories for former Vice President Joe Biden and a flood of global central bank stimulus.
The Dow Jones Industrial Average had gained more than 500 points, a roughly 2-percent rise, shortly after 11 a.m. Wednesday as the S&P 500 rose 1.7 percent and the Nasdaq Composite rose 1.5 percent.
Wall Street analysts attributed Wednesday’s strong open to a rally in health care stock prices likely driven by Biden’s resounding Super Tuesday wins. Biden is seen among investors as less of a threat to the health care industry than his chief rival, Sen. Bernie Sanders (I-Vt.), who has proposed a nationalized health care system that would supplant private insurers.
“I think this really has been well received on Wall Street as a wonderful Wednesday for Joe Biden,” said Jeff Kilburg, chief executive of investment firm KKM Financial, on CNBC.