Samantha Azzarello, JPMorgan Asset Management global market strategist, and Michelle Meyer, Bank of America global research head of U.S. economics, join ‘The Exchange’ to discuss the state of the markets amid the coronavirus pandemic.
Stocks surged on Wednesday after Sen. Bernie Sanders dropped out of the presidential race, relieving some of Wall Street’s political concerns amid the economic crisis stemming from the coronavirus.
The Dow Jones Industrial Average gained 779.71 points, or 3.4%, to close at 23,433.57. The S&P 500 climbed 3.4% to 2,749.98 while the Nasdaq Composite advanced 2.6% to 8,090.90. Hope the U.S. could start to turn a corner on the coronavirus outbreak in the near future also lifted equities.
Some of Sanders’ policy proposals, including Medicare for All, raised concern among several business owners and investors who feared taxes would go up under his presidency. Wednesday’s news puts former Vice President Joe Biden — who is seen by Wall Street as a more market-friendly candidate — closer to the Democratic nomination.
“Sanders’ exit removes the tail risk of some of his policies, immediately sets up focus on Biden vs. Trump,” said Ed Mills, Washington policy strategist at Raymond James. “Biden’s policies will get a new scrutiny now he is the presumptive nominee, but the truth of the matter is that the market will be looking towards Washington more to help the economy and much of the assistance matches his platform.”
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