By Noreen Burke
Investing.com – U.S. stock futures pointed to strong gains at the open on Wednesday as former Vice President Joe Biden surged ahead in Super Tuesday voting and markets digested the U.S. Federal Reserve’s surprise rate cut aimed at offsetting economic fallout from the coronavirus.
By around 07:15 AM ET (1215 GMT) surged 671 points, or around 2.6%. were up 2.3% while rose a similar amount.
The gains in premarket trade came after all three major U.S. stock market indexes dropped more than 3% in Tuesday as the Fed rate cut fanned fears over about the magnitude of the coronavirus’ impact on the economy.
Market sentiment was boosted by a strong performance from Joe Biden in the U.S. Democratic Party primaries.
Biden, a moderate considered less likely to raise taxes and impose new financial regulations, won primaries in at least eight states. That set up a one-on-one battle for the Democratic presidential…