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Traders work on the floor of the New York Stock Exchange. Photo: Spencer Platt/Getty Images

Stocks closed up more than 4% on Wednesday afternoon, erasing all of yesterday's losses. The S&P 500 is 7.5% below record levels seen in mid-February.

Driving the news: The gains in the stock market were led by health care stocks, which analysts say got a boost from a strong Super Tuesday performance by Joe Biden — a candidate whose policies would be more favorable to the sector than those of Bernie Sanders. UnitedHealth, the country's biggest health insurer, had its best day in 10 years.

Between the lines: The near-daily swings of 2% or more in the past week have been tied to improving or worsening prospects for the global economy and the coronavirus — plus the willingness for governments and central banks to step in and lessen the blow.

Go deeper

Tech scrambles to derail inauguration threats

Illustration: Sarah Grillo/Axios

Tech companies are sharing more information with law enforcement in a frantic effort to prevent violence around the inauguration, after the government was caught flat-footed by the Capitol siege.

Between the lines: Tech knows it will be held accountable for any further violence that turns out to have been planned online if it doesn't act to stop it.

Dave Lawler, author of World
11 mins ago - World

Uganda's election: Museveni declared winner, Wine claims fraud

Wine rejected the official results of the election. Photo: Sumy Sadruni/AFP via Getty

Yoweri Museveni was declared the winner of a sixth presidential term on Saturday, with official results giving him 59% to 35% for Bobi Wine, the singer-turned-opposition leader.

Why it matters: This announcement was predictable, as the election was neither free nor fair and Museveni had no intention of surrendering power after 35 years. But Wine — who posed a strong challenged to Museveni, particularly in urban areas, and was beaten and arrested during the campaign — has said he will present evidence of fraud. The big question is whether he will mobilize mass resistance in the streets.

Off the Rails

Episode 1: A premeditated lie lit the fire

Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 1: Trump’s refusal to believe the election results was premeditated. He had heard about the “red mirage” — the likelihood that early vote counts would tip more Republican than the final tallies — and he decided to exploit it.

"Jared, you call the Murdochs! Jason, you call Sammon and Hemmer!”

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