Dow futures climb 300 points as Super Tuesday results roll in

CNN projects Democratic presidential candidate Bernie Sanders will win the state of Utah and former Vice President Joe Biden will win Massachusetts.

US stock futures climbed overnight after a day of steep declines as Super Tuesday election results rolled in.

Dow futures were last up more than 300 points, or 1.2%. The S&P 500 and the Nasdaq Composite increased 1.1% each.

The ascent came as former US Vice President Joe Biden recorded big wins on Super Tuesday. CNN is projecting Biden will win as many as eight states in Tuesday’s contests for the Democratic presidential nomination, including Virginia, North Carolina and Minnesota.

Senator Bernie Sanders, meanwhile, is projected to win Utah, Vermont and Colorado. Three states holding primaries are still in contention.

Earlier in the day, the Dow closed 786 points lower, or down 2.9%, just one day after recording its best point gain in history. The S&P 500 finished down 2.8%. The Nasdaq Composite fell nearly 3%.

US markets on Tuesday swung wildly as the Federal Reserve slashed interest rates by a half-point to help insulate the US economy from the global novel coronavirus outbreak. Stocks dropped sharply as investors concluded that the rate cut was bad news for the economy.

Stocks in Asia fluctuated during Wednesday trading hours. Major indexes in Hong Kong, Shanghai and Japan were all slightly higher, while Australia’s S&P/ASX200 was 1.7% lower. South Korea’s Kospi recorded the biggest gains in the region, and was last up 2.2%.

— Anneken Tappe contributed to this report.