Wednesday Stock Market Update
July 1 kicked off the first day of quarter 3 for the market and brought losses for the Dow, but gains for the Nasdaq and S&P 500, according to CNBC.
- The Dow Jones Industrial Average lost 77.91 points, or 0.30 percent, to close at 25,734.97.
- The S&P 500 gained 0.50 percent to close at 3,115.86.
- The Nasdaq Composite gained 0.95 percent to close at 10,164.63.
Stocks traded in green territory for most of the session amid positive news on a potential coronavirus vaccine. A clinical study of a vaccine being developed by Pfizer and BioNTech showed promising results. The vaccine was able to create neutralizing antibodies but has yet to be reviewed by a medical journal. If the vaccine is approved, the company expects to have 100 million doses ready by the end of 2020, and more than 1.2 billion by the end of 2021. Pfizer shares jumped 3.18 percent on the news.
Amazon and Netflix gained 4.35 percent and 6.72 percent, respectively.