Dow soars over 1,000 pts as Fed cuts rates

Wednesday, 04. March 2020 21:30

United States stock markets jumped on Wednesday with the Dow Jones going up by more than 1,000 index points following a decision by the Federal Reserve Bank (Fed) to cut its interest rates by 50 basis points.

Meanwhile, pharmaceutical and health care companies in the US led the gains on Wall Street following Democratic presidential hopeful Joe Biden's convincing performance on Super Tuesday with a win in Maine marking its 10th victory in 14 states that voted yesterday.

The Dow surged 4.10% at 3:34 pm ET with United Health adding over 11% while the Nasdaq 100 gained 3.54% at the same time as Take-Two Interactive was over 7% in the green. The S&P 500 soared 3.85% driven by Centene Corp's growth of more than 15%.

The euro traded 0.43% lower against the greenback, going for 1.11325 at 3:36 pm ET.

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Breaking the News / GA