NEW YORK - Wall Street ended higher on Wednesday after a see-saw session as investors digested mixed quarterly results and contentious stimulus negotiations in Washington.
"Investors are starving for income and they can't get that in the bond market so they're looking to equities," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.The latest figures showed more than 1,000 deaths in the United States from Covid-19 on Tuesday, bringing the total death toll to nearly 142,000. Experts warned that number will rise further due to a surge in new infections.
On the economic front, sales of existing homes jumped by a record 20.7 per cent in June, according to the National Association of Realtors.The Dow Jones Industrial Average rose 165.44 points, or 0.62 per cent, to 27,005.84, the S&P 500 gained 18.72 points, or 0.57 per cent, to 3,276.02 and the Nasdaq Composite added 25.76 points, or 0.24 per cent, to 10,706.13.Utilities enjoyed the biggest percentage gain.
Pfizer Inc gained 5.1 per cent after the drugmaker and German biotech firm BioNTech SE announced the US government would pay US$1.95 billion 100 million doses of their Covid-19 vaccine candidate. Shares of United Airlines Holdings Inc dropped 4.2 per cent after the company reported an adjusted net loss of US$2.6 billion in the April to June quarter.
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