Wednesday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite closed in the green, according to CNBC.
- The Dow Jones Industrial Average gained 165.44 points, or 0.62 percent, to close at 27,005.84.
- The S&P 500 gained 0.57 percent to close at 3,276.02.
- The Nasdaq Composite gained 0.24 percent to close at 10,706.13.
Investors were grappling with the news that the US had struck a deal with Pfizer and BioNTech to produce 100 million coronavirus vaccines for $1.95 billion if they are approved. The Department of Health and Human Services also announced that the US has the right to acquire an additional 500 million doses. Pfizer shares surged 5.10 percent and BioNTech's US shares gained 13.72 percent.
News also broke that Republican lawmakers were considering extended the unemployment benefits to $400 per month through December.
Bank stocks gave back gains from previous sessions. JPMorgan Chase fell 0.72 percent, Bank of America fell 0.45 percent, and Citigroup fell 0.14 percent.
On Thursday, AT&T, Twitter, and American Airlines will report second-quarter earnings, and weekly jobless claims numbers are also set to be released.