Vermont Senator Bernie Sanders has dropped out of the presidential race, NBC reports.
The 78-year old senator from Vermont plans to address supporters, according to a press release that featured the tagline “The Campaign Ends, The Struggle Continues”.
Sanders began his campaign in February of 2019 mounting victories in New Hampshire, Nevada, California, Colorado, Utah, North Dakota, Northern Mariana Islands and his home state of Vermont.
However, the Senator who describes himself as a “Democratic Socialist” trailed frontrunner Joe Biden in the delegate count 1,217 to 914.
During the campaign, Sanders overcame a heart attack and a field of over a dozen Senators, Governors and Congressman to become a top tier candidate before falling short.
His candidacy struck fear in the financial markets and health care companies due to his socialist viewpoints and flirtation with becoming the Democratic nominee for President.
His exit from the road to the White House instilled more confidence in investors and the financial markets as the Dow Jones Industrial Index shot up over 400 points following his announcement.
Throughout the campaign trail numerous financial experts weighed in on Sanders impact on the economy:
“The risk to US stocks is pretty significant if Bernie gets the nomination,” said Ed Moya, senior market analyst with OANDA. “I think there is concern that in some of these battleground states Bernie is beating Trump. If he does maintain that momentum, it would be very concerning to Wall Street.”
Despite creating worry amongst investors, Bernie Sanders was a fundraising powerhouse. He raised over $179 million dollars with 54% of it coming from small individual contributions of $200 or less. For comparison now presumptive nominee Joe Biden raised $86 million with 38% of it coming from small individual contributions of $200 or less.
This is a breaking news story and will be updated.