- US stocks rose Wednesday as investors reacted to positive coronavirus vaccine news.
- Shares of Moderna spiked after President Trump announced the US government will by 100 million doses of its coronavirus vaccine.
- Tesla shares gained after the company announced a five-for-one stock split.
- Oil prices climbed after a report suggested that American crude stockpiles shrank last week.
- Read more on Business Insider.
US stocks rose on Wednesday as investors reacted to positive coronavirus vaccine news.
Shares of Moderna spiked after President Donald Trump said Tuesday that the US government will buy 100 million doses of its COVID-19 vaccine candidate as a part of its Operation Warp Speed program. Moderna’s vaccine is in late-stage human trials.
Meanwhile, Tesla rose after the company announced on Tuesday it will enact a five-for-one stock split on its shares, making it more affordable for investors.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:
- S&P 500: 3,364.14, up 0.9%
- Dow Jones industrial average: 27,964.71, up 1% (278 points)
- Nasdaq composite: 10,899.57, up 1.1%
Investors also continued to watch for signs of progress in lawmakers negotiations on the next coronavirus stimulus relief package. On Monday, Treasury Secretary Steven Mnuchin said the White House is open to further talks with Democrats, but on Tuesday, Senate Majority Leader Mitch McConnell said talks had reached a stalemate.
US consumer prices increased in July by o.6%, the Labor Department reported Wednesday, more than the 0.3% gain that economists expected.
Elsewhere, the UK officially fell into a recession for the first time in 11 years after its gross domestic output slumped 20.4% between April and June due to shutdowns to contain COVID-19.
Oil climbed after a report suggested that American crude stockpiles shrank last week. West Texas Intermediate crude gained as much as 2.4%, to $42.59 per barrel. Brent crude, the international benchmark, rose 2.1%, to $45.42 per barrel, at intraday highs.