- US stocks rose Wednesday as investors cheered COVID-19 vaccine progress.
- A potential vaccine being developed by Pfizer and BioNTech spurred immune responses in heat lhy patients, Stat News reported Wednesday.
- The trial results offset weaker-than-expected payroll additions for June, according to ADP data.
- Read more on Business Insider.
US stocks rose Wednesday as positive coronavirus vaccine news offset disappointing jobs data.
A potential COVID-19 vaccine being developed by Pfizer and BioNTech spurred immune responses in heatlhy patients, Stat News reported Wednesday. Investors embraced the development, as a successful vaccine is seen accelerating the ongoing economic recovery. Shares of Pfizer surged on the news.
Meanwhile, the June ADP employment report released Wednesday showed that US companies added 2.37 million jobs during the month, less than economists expected. It also revised May’s loss of 2.76 million to a 3.07 million gain.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:
- S&P 500: 3,118.07, up 0.6%
- Dow Jones industrial average: 25,995.51, up 0.7% (181 points)
- Nasdaq composite: 10,088.75, up 0.3%
New coronavirus infections continue to climb, with the US adding tens of thousands of cases per day, threatening reopening efforts. The count of new daily cases could hit 100,000 if people continue to ignore social distancing and face mask wearing measures, Dr. Anthony Fauci said Tuesday in testimony before a Senate committee.
More than 12 states have so far paused or rolled back reopening plans to control spikes in new cases.
Shares of FedEx jumped as much as 16% after the company reported earnings with revenue that beat Wall Street's expectations after experiencing a jump in deliveries during lockdowns.
Oil prices climbed. West Texas Intermediate crude increased as much as 3.3%, to $40.58 per barrel. Brent crude, the international benchmark, rose 3.6%, to $42.62, at intraday highs.