The S&P 500 was up 0.5% on Wednesday, while the tech-heavy Nasdaq Composite gained 1% and the Dow Jones Industrial Average fell 0.3%.showed positive resultsWhile the results were released online, they have not yet been reviewed by a medical journal. Shares of PfizerStocks slashed earlier losses after ADP and Moody’s Analytics said that private payrollsin June, while payrolls for May were revised to a gain of more than 3 million, from a loss of 2.76 million.
The Institute for Supply Management also released its latest survey of U.S. manufacturing activity, which rebounded from a sharp downturn in May and hit its highest level since April 2019. Shares of companies that would benefit from a reopening of the economy—including airlines, cruise stocks and some retailers—moved higher on Wednesday.
The stock market’s recent gains come amid a backdrop of increasing coronavirus cases across the country: Many states continue to report record-high numbers of cases, whileon Tuesday that at the current pace of new cases, the United States could soon surpass 100,000 new infections per day.“Seriously, we’re doing this again?” says Vital Knowledge founder Adam Crisafulli of the latest vaccine news. “Investors really need to stop chasing these reports.”in decades after finishing higher on Tuesday.
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