(CNBC) -- Stocks surged on Wednesday as major victories from former Vice President Joe Biden during Super Tuesday sparked a massive rally within the health-care sector.
The Dow Jones Industrial Average soared 1,173 points higher, or 4.5%. The S&P 500 jumped 4.2%, while the Nasdaq Composite advanced 3.8%. It was the second time in three days that the 30-stock average swung 1,000 points or higher. With Wednesday’s rally, all three major averages are on pace to move out of correction territory, or less than 10% down from their 52-week highs.
Biden scored key primary victories in states including North Carolina, Texas and Arkansas, giving his campaign momentum and increasing his odds of being the Democratic Party’s presidential nominee. Many investors have applaud Biden for his middle-of-the-road tack in contrast to the more progressive policies of Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass.
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