Here's what happened to the stock market on Wednesday

Senator Bernie Sanders, an Independent from Vermont and 2020 presidential candidate, exits the U.S. Capitol after a vote in Washington, D.C., U.S., on Wednesday, March 18, 2020.
Al Drago | Bloomberg | Getty Images

Dow Jones Industrial Average rallies 779 points

The Dow gained 779.71 points, or 3.44%, to close at 23,433.57. The S&P 500 climbed 3.41% to 2,749.98. The Nasdaq Composite advanced 2.58% to 8,090.90. Stocks jumped after Sen. Bernie Sanders dropped out of the presidential race, relieving some of Wall Street's political concerns amid the economic crisis stemming from the coronavirus.

Bernie Sanders drops out

Sanders made his announcement in late-morning trading. Some of Sanders' policy proposals, including Medicare for All, raised concern among several business owners and investors who feared taxes would go up under his presidency. Meanwhile, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told Fox News on Wednesday that the U.S. death count related to the coronavirus is now lower than initially thought, noting there should be a turnaround after this week.

Travel and energy stocks jump

Travel stocks, along with energy shares, led the way higher on Wednesday. Carnival jumped 6.11% while Royal Caribbean gained 11.95%. Casino stocks such as MGM Resorts and Wynn Resorts gained 10.05% and 13.51%, respectively. Apache, Diamondback Energy and Occidental Petroleum all rose at least 12% to lift the energy sector.

What happens next?

Weekly jobless claims are scheduled for release Thursday morning along with consumer sentiment data.

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