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It’s up again for stocks as Wall Street’s wild ride extends
NEW YORK — Stocks jumped Wednesday morning and clawed back much of their sharp losses from the day before as Wall Street’s wild, virus-fueled swings extend into a third week.
Health care stocks led the market’s spurt after a strong performance by Joe Biden in state primaries on Tuesday moved him to top-tier contender status for the Democratic presidential nomination. Many investors believe he is more friendly to businesses than rival Bernie Sanders, whose proposals for health care and the economy could hurt profits at insurers and other companies.
Investors are also waiting to see if other central banks will follow up on the Federal Reserve’s surprise move Tuesday to slash interest rates by half a percentage point in hopes of protecting the economy from the economic fallout of a fast-spreading virus.
The S&P 500 was up 2.1%, as of 10:25 a.m. Eastern time. It recovered roughly two-thirds of its loss from the day before, when worries flared that rate cuts would not be able to halt the spread of the virus. The Dow Jones Industrial Average climbed 635 points, or 2.5%, to 26,552, and the Nasdaq rose 2%.