Fox Business host Stuart Varney predicted the stock market would bounce back up should Joe Biden win the Michigan primary on Tuesday.
U.S. stocks plummeted Monday as the coronavirus outbreak disrupts the global economy. Shortly after Monday’s opening, the New York Stock Exchange paused trading when the markets dropped more than 7%. If indexes drop 20%, the markets would be closed for the day.
Varney, on his show Varney & Company, predicted the markets would respond well if the former vice president pulls off a primary victory in Michigan against his main rival remaining the race, Vermont Sen. Bernie Sanders.
“I’ve got to bring the politics in. It’s the Michigan primary tomorrow. I think Bernie’s gonna lose. I think Joe Biden, he’s got the momentum, and I think the market will like that,” he explained. “The very hint, if Bernie does well, I think the market has another” bad day.
Fox Business anchor Maria Bartiromo responded, “You want to see the market taken at even more than today? Have a victory for Bernie Sanders. That will really kill any — any expectation of a comeback here, for sure.”
Michigan is one of seven states that will hold primaries on Tuesday, and the others include Idaho, Mississippi, Missouri, North Dakota, and Washington. Those states account for 352 delegates, and with a strong showing, the former vice president could essentially lock in the nomination. Sanders won the Michigan primary in 2016.
