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22/07/24
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Wall Street Higher After Biden Drops Out of Presidential Race
On Monday, stocks on Wall Street were higher after President Joe Biden abandoned his bid for reelection and rebounded after the prior week’s big losses due to a rotation out of major tech stocks.
The NASDAQ Composite climbed 215 points, or 1.1%, the S&P 500 gained 44 points, or 0.8% and the Dow Jones Industrial Average rose 185 points, or 0.5%.
The tech-heavy Wall Street indexes suffered heavy losses last week, as growing expectations of interest rate cuts resulted in investors rotating out of economically sensitive sectors from heavyweight technology stocks.
Biden’s stepping down came amid growing calls from donors and members of his party for him to withdraw, amid worries over his mental health and that he might not be able to run effectively against Donald Trump, the Republican candidate.
Although Biden endorsed Vice President Kamala Harris as his successor, she still has to be nominated officially by the Democratic Party, with a vote due in Aug. Trump was nominated as the presidential candidate for the Republicans last week.
Last week’s CBS polling data from showed Trump was polling higher than Biden, especially after a failed assassination attempt. It also showed Trump led Harris slightly.
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