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Joe Biden is on his way up, Bernie Sanders might have hit his peak: Strategist

Joe Biden is on his way up, Bernie Sanders might have hit his peak: Strategist Frank Luntz, pollster and political strategist, joins "Squawk Box" to breakdown Super Tuesday's results.

Mike Bloomberg dropped out of the presidential race Wednesday after a poor performance in the Super Tuesday contests, and immediately endorsed former Vice President Joe Biden’s candidacy.

“Three months ago, I entered the race for President to defeat Donald Trump,” Bloomberg said in a statement.

“Today, I am leaving the race for the same reason: to defeat Donald Trump – because it is clear to me that staying in would make achieving that goal more difficult,” said the former New York mayor and billionaire, who had spent more than $500 million on his candidacy.

“I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden,” Bloomberg said in the statement.

“I’ve known Joe for a very long time. I know his decency, his honesty, and his commitment to the issues that are so important to our country – including gun safety, health care, climate change, and good jobs.”

A campaign aide said the two candidates talked Wednesday morning, before the announcement of Bloomberg dropping out, according to NBC News.

Biden accepted Bloomberg’s endorsement, saying in a tweet that the focus is on “defeating Donald Trump, and with your help, we’re gonna do it.”

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