The Irish Examiner: Wall Street speaks

The Irish Examiner: Wall Street speaks

Over the last few weeks, political commentators have hadto consider options once regarded as beyond the pale.

Our election result has put the cat among the pigeons and,to indulge another cliche, talks on government formation increasingly seem a matter of who will blink first.

American commentators are focussed on the minor game — the Democratic primaries. The real voting will be in November, but they have some concrete evidence to consider, evidence that speaks more powerfully than exit polls or focus groups. Joe Biden’s rejuvenation, contrived to stymie Bernie Sanders, who is depicted as a Red Terror, has been echoed by a rejuvenation on Wall Street.

Following Biden’s disinterment, the Dow gained 1,173.45 points. Healthcare stocks did especially well. Health insurance provider Anthem jumped 15.6%; health insurer Humana rose 14.4%.

These figures confirm, in the clearest way, that Sanders is right — that the Democrats have prioritised the interests of big business over those of ordinary Americans. They are not unique in this, nor is the fate that may await them.

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