Capitol Report: Bloomberg quits race for Democratic presidential nomination and throws support to Biden

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Mike Bloomberg suspended his presidential campaign Wednesday following a disappointing performance in the Super Tuesday contests.

Mike Bloomberg ended his bid for the Democratic presidential nomination on Wednesday, after the billionaire businessman and ex-New York mayor performed poorly in the Super Tuesday contests.

Bloomberg, who spent more than $500 million of his own money on ads, threw his support behind former Vice President Joe Biden, who racked up a strong series of wins across the country from Tuesday’s primaries.

Now see: Money can’t buy you everything, as Bloomberg flops while low-spending Biden racks up victories.

“I’ve known Joe for a very long time,” Bloomberg said in a statement. “I know his decency, his honesty, and his commitment to the issues that are so important to our country — including gun safety, health care, climate change, and good jobs,” he added.

Bloomberg’s exit from the race came after Biden and Sen. Bernie Sanders had the strongest showings on Tuesday. Massachusetts Sen. Elizabeth Warren, who did not win her home state and hasn’t won a single contest, remains in the race.

U.S. stocks DJIA, +1.98%   rebounded Wednesday after slumping Tuesday following a rare emergency interest rate cut by the Federal Reserve failed to failed to inspire investor confidence in policymakers’ ability to counter the coronavirus epidemic.

Bloomberg banked heavily on the Super Tuesday primaries, having skipped the first four nominating contests. He won only American Samoa, a small U.S. territory, out of the Super Tuesday races. Biden walked away with Texas and Sanders took California, essentially making it a two-man race for Democratic delegates.

Read: Biden leapfrogs Sanders on Super Tuesday and re-emerges as favorite in Democratic presidential primary.

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