15:15 GMT09 April 2020
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    NEW YORK (Sputnik) - US stocks jumped almost 5 percent on Wednesday as former Vice-President Joe Biden’s campaign gained pace over fellow Democrat Bernie Sanders in the run for Democratic presidential nomination, enthusing Wall Street’s preference for a centrist over a socialist for president of the United States.

    The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, increased 1,173 points, or 4.5 percent, to close at 27,090. The S&P500, a barometer for the top 500 US stocks, settled up 4.2 percent at 3,130. The tech-heavy Nasdaq Composite closed up 3.9 percent at 9,018.

    Wall Street rallied after Biden won 10 of the 14 US states that voted on Tuesday to pick a Democratic challenger to Republican President Donald Trump in the November presidential elections.

    Biden was also surging in the polls just before the Super Tuesday voting, which was held in fourteen states, including California, known as the "golden state" and for having the largest share of delegates - 415.

    Еhere are now only three Democratic candidates remaining, including Elizabeth Warren, who suffered defeat in her own home state of Massachusetts on Tuesday.

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