A choppy week on Wall Street continued on Wednesday, as the Dow Jones Industrial Average was up nearly 700 points minutes after the opening bell – an upswing that some analysts attributed to a better-than-expected performance from former Vice President Joe Biden on Super Tuesday.

A hypothetical President Biden would likely not implement "the radical kinds of changes you would expect from Bernie Sanders," which helped bolster investor sentiment on Wall Street on Wednesday morning, according to Tony Fratto, a founding partner at Hamilton Place Strategies and a White House deputy press secretary under former President George W. Bush.

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"It's pretty clear that if you had Bernie Sanders come in, he'd probably use all of the discretion that's available in Dodd-Frank – with the regulators, the kinds of regulators he'd put in those jobs," Fratto said during an interview on CNBC's " Worldwide Exchange ." "Biden, you think, is going to work more within the systems."

Biden is projected to have won at least nine of 14 state primaries on Tuesday and could end up taking Maine, though the race was still too close to call on Wednesday morning. His rival frontrunner, Sen. Bernie Sanders of Vermont, picked up just four states – though one of them was California, which has 415 pledged delegates and dwarfs all of the states that backed Biden.

Sanders had been considered the frontrunner heading into Super Tuesday, though Biden benefited from a consolidation of more moderate Democratic support after Sen. Amy Klobuchar of Minnesota and former South Bend, Indiana, Mayor Pete Buttigieg suspended their campaigns. Both endorsed Biden on Monday.

"He won in states that he never visited, that he never held a campaign event in, that he never put a field office in, that he never spent a dime in," Fratto said of Biden's performance on Super Tuesday. "What it appears that Democratic voters are looking for is that candidate that can capture the large center lane of the Democratic Party."

Perhaps unsurprisingly, health care and pharmaceutical stocks were among the biggest winners on Wednesday morning. Sanders has pushed a Medicare for All platform that would dramatically alter the medical and insurance landscapes, whereas Biden has pushed for a more moderate expansion of the Affordable Care Act.

The Democratic primary has in some sense turned into a two-candidate race, as Sanders and Biden considerably outperformed former New York City Mayor Mike Bloomberg and Sen. Elizabeth Warren of Massachusetts on Tuesday. The poor showing caused Bloomberg to drop out Wednesday morning. But Biden and Sanders will carry momentum into next week's primaries, which include Idaho, Michigan, Mississippi and Washington, among other states.

Wall Street's strong Wednesday morning is also believed to be due in part to the Federal Reserve's decision to initiate a surprise 50-basis point interest rate cut on Tuesday. The Dow fell nearly 800 points on Tuesday as fear escalated over the global coronavirus outbreak, but analysts widely interpreted the Fed's adjustment to be motivated in part by a desire to bolster investor sentiment.

Volatility has become the norm on Wall Street of late, as investors grapple with the latest coronavirus updates. On Monday, the Dow gained nearly 1,300 points for its best performance in more than a decade. Last week, the index ended each day in the red for its worst week since the financial crisis.