Sen. Bernie Sanders has dropped out of the 2020 presidential race, setting up a head to head election between President Donald Trump and former Vice President Joe Biden.
The independent senator from Vermont announced his move in a conference call with staff after he suffered a series of crushing primary losses and the coronavirus pandemic stunted his campaign.
Stocks surged on Wednesday after Sen. Bernie Sanders dropped out of the presidential race, relieving some of Wall Street’s political concerns.
The Dow Jones Industrial Average gained 600 points, or 2.1%. The S&P 500 climbed 2% while the Nasdaq Composite advanced 1.8%.
“Sanders exit removes the tail risk of some of his policies" said Ed Mills, a policy strategist at Raymond James in Washington.