U.S. stocks soar due to Biden’s strong performance in Super Tuesday
The US stock market rebounded strongly on Wednesday, with both the Dow and the S & P 500 rising more than 4%. The strong performance of former US Vice President Biden in the “Super Tuesday” Democratic primary election injected a boost in market confidence.
Biden led the primaries and will win 10 of the 14 states holding the primaries, boosting health care stocks, and optimistic economic data eased concerns about the impact of the “new crown” epidemic.
A report showed U.S. economy expands moderately in past few weeks. Released by the US Federal Reserve on Wednesday, the Beige Book showed that the US economy has expanded at a moderate to moderate pace in the past few weeks, but there are signs that the escalating coronavirus epidemic has begun to affect US business confidence.
The Federal Reserve cut interest rates by 0.5 percentage on Tuesday in an emergency to alleviate the impact of the epidemic on the economy of the world’s largest economy, while opening the door to further action if necessary, which caused a damage to USD.