The trading day closed Wednesday with the Dow Jones Industrial Average hitting 27,030.86, a surge of over 1,173 points ending the day at a 4,53% bump in the green. It was a noticeable clawing back after much of its sharp losses from the day before.
Stocks shot up in early trading Wednesday on Wall Street, led by health care stocks after Joe Biden scored at least nine states during Super Tuesday. Investors see him as a more business-friendly alternative to Bernie Sanders, who has planed to largely eliminate private health insurance. Shares of health care insurance companies, like UnitedHealth Group, were up more than 12%.
The Dow Jones Industrial Average jumped 500 points, or 2%, clawing back much of its 2.9% slide a day earlier. The S&P 500 jumped 1.2% to recover nearly half its loss from the day before. The Nasdaq added 1.4%.
Bond yields held near their record lows, suggesting that many investors remain nervous amid uncertainty about the economic fallout from the outbreak of the new coronavirus. The yield on the 10-year Treasury note, a benchmark for home mortgage rates, fell to 0.96%. The stock jump follows Tuesday's decision from the U.S. Federal Reserve to cut rates by half percentage point.
Some U.S. based travel companies continue to take a hit to their stock prices, due to coronavirus. Wednesday morning United Airlines' stock was down 2% and American Airlines fell by 1.5%. Expedia and Carnival both were down 1.3% mid-morning.
Global stock markets also turned higher, extending days of volatility. European indexes are up over 1% on Wednesday and Wall Street futures are pointing to gains on the open after a mixed performance in Asia.
