Wall Street Jumps After Biden Super Tuesday Surge
Wednesday, 4 March 2020 23:56 WIB | MARKET UPDATE |saham A.SWall StreetS & P 500

Healthcare stocks boosted Wall Street on Wednesday after a near sweep for Joe Biden in the Super Tuesday Democratic primaries, a day after markets suffered heavy losses following an emergency interest rate cut by the Federal Reserve.

The benchmark S&P 500 rose for the second time in 10 sessions, bolstered by Biden's return to front-runner status in the U.S. Democratic presidential nomination campaign over self-declared socialist Bernie Sanders.

Shares of health insurers UnitedHealth Group Inc, Centene Corp, Humana Inc and Cigna Corp surged between 9.8% and 13.4%. The broader healthcare index jumped 3.2%, the most among all the major S&P sectors trading higher.

The healthcare sector had suffered in recent months as Sanders and his "Medicare for All" proposal, which would eliminate private health insurance altogether, gained prominence.

The three indexes dropped nearly 3% on Tuesday as an emergency interest rate cut by the Federal Reserve amplified fears about the extent of the economic damage from the coronavirus outbreak.

Fears of a global slide into recession, and a resulting collapse in U.S. corporate earnings this year, have knocked $3.1 trillion off the value of major U.S. companies in the past 10 days.

At 9:54 a.m. ET, the Dow Jones Industrial Average was up 445.37 points, or 1.72%, at 26,362.78, the S&P 500 was up 37.97 points, or 1.26%, at 3,041.34. The Nasdaq Composite was up 88.84 points, or 1.02%, at 8,772.93.

Source : Reuters

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