Dow rises 230 points as investors react to encouraging vaccine news
stocksrose Wednesday as investors reacted to positive coronavirusvaccine news.
- Shares of Moderna spiked after President Trump announced the US government will by 100 million doses of its coronavirus vaccine.
- Tesla shares gained after the company announced a five-for-one stock split.
- Oil prices climbed after a report suggested that American crude stockpiles shrank last week.
- Read more on Business Insider.
US stocks rose on Wednesday as investors reacted to positive coronavirus vaccine news.Shares of Moderna spiked after President Donald Trump said Tuesday that the US government will buy 100 million doses of its COVID-19 vaccine candidate as a part of its Operation Warp Speed program. Moderna's vaccine is in late-stage human trials. Advertisement
Meanwhile, Tesla rose after the company announced on Tuesday it will enact a five-for-one stock split on its shares, making it more affordable for investors.
Here's where US indexes stood at 12:00 p.m. ET on Wednesday:
- S&P 500: 3,378.14, up 1.3%
- Dow Jones industrial average: 27,919.71, up 0.8% (232 points)
- Nasdaq composite: 11,009.57, up 2.12%
said talks had reached a stalemate. Market sentiment may have also been lifted by Democratic presidential candidate Joe Biden's announcement of Sen. Kamala Harris as his running mate.
US consumer prices increased in July by o.6%, the Labor Department reported Wednesday, more than the 0.3% gain that economists expected. Gold rebounded Wednesday after falling the most in 7 years on Tuesday.UK officially fell into a recession for the first time in 11 years after its gross domestic output slumped 20.4% between April and June due to shutdowns to contain COVID-19. Advertisement
Oil climbed after a report suggested that American crude stockpiles shrank last week. West Texas Intermediate crude gained as much as 2.4%, to $42.59 per barrel. Brent crude, the international benchmark, rose 2.1%, to $45.42 per barrel, at intraday highs.
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