REUTERS: Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week.
Encouraging data from a late-stage vaccine earlier this week prompted a rotation away from technology names, and lifted demand for stocks sensitive to economic growth, as well as those that have lagged this year such as energy, financials and industrials. "It will be a long time before we can get a sizable part of the population inoculated with the vaccine ... but it does speak to a slightly brighter future," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.Markets, which have also got a boost after Democrat Joe Biden was projected the winner of the U.S.
At 09:52 a.m. ET the Dow Jones Industrial Average rose 81.21 points or 0.28per cent to 29,502.13, the S&P 500 gained 23.46 points or 0.66per cent to 3,568.99 and the Nasdaq Composite gained 171.47 points or 1.48per cent to 11,725.33.