Wall Street Responds Positively to Biden's Victory

Wall Street Responds Positively to Biden’s Victory

The stock exchanges in New York opened on Wednesday with gains, following the substantial losses the day before. The positive sentiment follows the victory of Joe Biden in the Democratic primaries in nine of the fourteen states during Super Tuesday.


On Tuesday, the Federal Reserve unexpectedly lowered interest rates to mitigate the economic impact of the new coronavirus.

Shortly after the opening bell, the Dow-Jones index was 1.9 percent higher at 25,406 points. The broad S&P 500 won 1.5 percent to 3048 points, and the Nasdaq technology grant gained 1.3 percent on 8791 points.

The optimistic mood can be explained by the fact that many investors prefer to see moderate Biden at the head of the Democratic party than the left-wing Bernie Sanders.

Investors may also give Biden a lesser chance of competing with President Donald Trump, among whom they do good business.

Wall Street also processes a better-than-expected job report from payroll processor ADP. This figure anticipates the US government’s job report to be published on Friday.

There was also other news. Campbell Soup won 5 percent after opening the books. The food manufacturer was able to eliminate part of its debt in the past period and recorded a higher operating profit.

General Electric (GE) was 0.8 percent higher, despite a more gloomy message. The industry group announced that the coronavirus is likely to weigh on the first-quarter earnings.

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