Call the Democratic race for the U.S. presidency "Joe-the-One-Man-Show".
Former Vice-President Joe Biden was virtually handed the nomination as his party's standard-bearer late Wednesday morning when Vermont Senator Bernie Sanders officially announced he was dropping out of the race.
"I wish I could give you better news, but I think you know the truth, and that is that we are now some 300 delegates behind Vice President Biden, and the path toward victory is virtually impossible," the 78-year-old Sanders said in a livestream after the call.
Biden is 77, while his Republican rival, U.S. President Donald Trump will be 74 in June.
The news sent stocks soaring, with the Dow Jones Industrials climbing more than 500 points by noon EDT.
Sanders was seen as somewhat market-unfriendly, and his exit caps a stunning reversal of fortune following a strong performance in the first three states that voted in February. The nomination appeared his for the taking until, on the last day of February, Biden surged to a blowout victory in South Carolina that set off a consolidation of moderate voters around the former vice president. The contest ends now as the country continues to grapple with the coronavirus pandemic, which halted in-person campaigning for both Sanders and Biden and has led many states to delay their primary elections.
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.
