Stocks surged on Wednesday after Sen. Bernie Sanders announced he is suspending his presidential campaign, leaving Wall Street-friendly former Vice President Joe Biden as the apparent nominee.
The Dow Jones Industrial Average closed up by around 770 points, while the S&P 500 was up by 3.3 percent and the tech-heavy Nasdaq gained around 2.5 percent.
All three major averages hit session highs earlier in the day after Sen. Sanders made his announcement, with the Dow breaching the 23,000 mark for the first time since March 13.
Investor confidence was also boosted by a rally in the oil market, following a
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