Stocks: Dow Soars as Health-Care Stocks Ride Biden's Victories Higher

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By Yasin Ebrahim – The clawed back its losses on Wednesday, following a sharp sell-off a day earlier, with health-care issues leading the charge after former Vice President Joe Biden racked up major victories on Super Tuesday.

The surged 2.73%, climbed 2.80% and the soared 2.82%.

Health-care stocks have underperformed the broader market recently on fears a Bernie Sanders’ victory could usher in major disruptions for the industry, with the socialist democratic keen to pursue a “Medicare for All” policy, which would scrap private health insurance.

But those fears eased somewhat after Joe Biden won nine of the 14 states that voted to pick a Democratic White House candidate on Super Tuesday, setting up a close race for the Democratic nomination against rival Sanders.

Anthem (NYSE:) rose 15%, Centrene was up 14%, Humana (NYSE:) and Cigna (NYSE:) were up more than 10%.

Despite the rally, investors were also monitoring the impact of the coronavirus as infections in the U.S continued to mount.

Officials in Los Angeles reported six new COVID-19 cases in the county over the last 48 hours, prompting them to declare a local emergency, taking the total number of cases in the U.S. to 130 and the death toll to nine.

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