Stocks soared on news Bernie Sanders is dropping out of the presidential race.
 | WED, APR 08, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 165.13 | +1.64 | +1.00% | | AAPL | 266.07 | +6.64 | +2.56% | | BA | 146.87 | +5.29 | +3.74% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 5.03 | +0.32 | +6.79% | | CCL | 11.99 | +0.69 | +6.11% | | GE | 7.30 | +0.27 | +3.84% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 11.33 | +1.11 | +10.86% | | AMD | 48.79 | +1.23 | +2.59% | | MSFT | 165.13 | +1.64 | +1.00% | |
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It was another great day of recovery for stocks - this one brought to you by Bernie Sanders.
Stocks soared on the Vermont senator's announcement that he was dropping out of the presidential race, making former Vice President Joe Biden the presumptive Democratic nominee to challenge President Donald Trump. Investors had long bemoaned Sanders' liberal proposals, including "Medicare for All." "Sanders' exit removes the tail risk of some of his policies," said Ed Mills, Washington policy strategist at Raymond James.  Every rally puts strategists closer to declaring a market bottom in the COVID-19 pandemic, which may have been the lows of March 23. Investors took heart as new case numbers appear to be slowing. But soon come corporate earnings reports, which will reveal how much damage has been done. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, expects more declines in corporate earnings estimates. "We are still in the early innings," she wrote. "Further downward revisions could keep equity market conditions choppy for the time being." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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