Dow soars more than 1,100 points as market rallies off Biden win, UnitedHealth pops 10%; European markets close higher as investors monitor virus spread and hope for stimulus
Stocks surged on Wednesday as major victories from former Vice President Joe Biden during Super Tuesday sparked a massive rally within the health-care sector. The Dow Jones Industrial Average soared 1,173 points higher, or 4.5%. The S&P 500 jumped 4.2%, while the Nasdaq Composite advanced 3.8%. It was the second time in three days that the 30-stock average swung 1,000 points or higher.
The major averages also got a boost from strong economic data. The U.S. services sector expanded at a faster-than-expected pace in February, data from the Institute for Supply Management showed. ADP and Moody’s Analytics said private payrolls jumped by 183,000 last month, topping expectations. Lawmakers also struck a deal on more than $8 billion in emergency coronavirus funding.
European markets closed higher Wednesday after the U.S. Federal Reserve’s surprise rate cut stirred hopes other major central banks could follow suit. The pan-European Stoxx 600 provisionally closed over 1% higher. Utilities stocks led the gains, jumping over 3%, while travel and leisure shares bucked the trend to fall 2%.
On the data front, the final composite PMI (purchasing managers’ index) for the euro zone came in at 51.6 in February, but the underlying surveys showed export demand falling and disruptions to supply chains beginning to take effect.
EPS to be restructured next year?
The state secretary at the Ministry of Mining and Energy of Serbia, Mirjana Filipovic, announced that Elektroprivreda Srbije (EPS) would be restructured the next year, which is conditioned on the solving of the property issues and the question on when the decision is to be adopted by the government. According to her, the main problem is the system of transformation of European economy and the so-called “greendeal”. The director of Srbijagas, Dusan Bajatovic, points out that, once the restructuring of the company starts, he will recommend to the government to establish a division by energy sectors.
Serbia regional leader in mining sector
With 3 bln dollars' worth of planned investments in the mining sector for the next few years, Serbia has a major role as the regional leader in terms of investments in the sector, and is globally recognised as such, Serbian Minister of Mining and Energy Aleksandar Antic told a ministerial conference in Toronto. Investments in the Serbian mining sector are chiefly associated with modernisation of the Bor mine and the opening of the Cukaru Peki and Jadar mines, Antic said during a discussion on long-term sustainability of mining.
Serbia calls general, local elections for April 26th
Serbia will hold regular general and local elections on April 26, the government said on Wednesday. President Aleksandar Vucic has signed the decree setting the date for the vote for members of parliament, the government said in a statement. Parliament speaker Maja Gojkovic signed the decree for the holding of local elections earlier on Wednesday, the government said.