March 5 (UPI) — The Dow Jones Industrial Average had its second-largest gain in history Wednesday as the markets rallied after recovering from last week’s coronavirus scare.
The Dow gained 1,173 points, or 4 percent, closing at 27,090. The Nasdaq Composite was up 3.85 percent at 9,018 and the S&P 500 was up 4.22 percent at 3,130.
Experts attributed the rally to former Vice President Joe Biden’s Super Tuesday wins in 10 states. Final vote tallies aren’t official, but Sen. Bernie Sanders, I-Vt., won 14 states, while Sen. Elizabeth Sanders, D-Mass., won none. Former New York City Mayor Mike Bloomberg dropped out of the race Wednesday after a poor showing the night before.
Investors believe Biden is more friendly to the markets compared to Sanders and Warren.
“Investors fear Bernie because he wants to cut off the head of capitalism by raising taxes significantly on the rich and using the funds to provide free everything to everybody else,” Ed Yardeni, president and chief investment strategist at Yardeni Research, said, according to CNBC.
“Getting everything for free trumps freedom, according to Bernie. No wonder investors are reacting to him as though he is going to infect us all with the virus of socialism.”
The Dow had its worst week since the 2008 financial crisis last week amid fears of a growing COVID-19 outbreak. It dropped more than 12 percent for the week.
