Various US stock market indices rallied yesterday (8 April) after democratic socialist politician Bernie Sanders dropped out the US Presidential race.
As per a Washington Post report, the Dow Jones industrial average rallied by 3.4 per cent to close at 780 points in the green. The NASDAQ composite rose by 204 points and Standard & Poor’s 500 index surged by 91 points or 3.4 per cent.
Sanders has been a strong advocate of implementing socialist ideas like free college education, wiping off student college debt and a wealth tax, which sparked fears of greater taxes and regulations.
Sanders had also proposed a “Wall Street Tax” to tax stocks, bonds and derivative trades so that the US can pay off the existing $1.6 trillion student debt.