NEW YORK, N.Y. -- The Dow Jones Industrial Average soared more than 1,100 points, or 4.5%, on hopes for more stimulus measures from around the globe to fight the virus outbreak.

Health care companies led the gains after Joe Biden solidified his status as a front-runner for the Democratic presidential nomination.

Investors see the former vice president as a more business-friendly alternative to Vermont Sen. Bernie Sanders, who has been fighting for "Medicare for All."

Congressional leaders also agreed Wednesday on an $8.3 billion bill to battle the new coronavirus.

Additionally, investors are anticipating that more central banks will follow the Federal Reserve's lead in cutting rates.

The S&P 500 jumped 4.2% and the Nasdaq rose 3.8%. The yield on the 10-year Treasury rose slightly.