US stocks climb on strong earnings reports and vaccine progress

• US stocks rose on Wednesday on strong earnings and progress on a COVID-19 vaccine.
• Nike shares surged, helping to lift the Dow Jones industrial average, after the company smashed revenue and profit expectations.
• Johnson & Johnson said that it would start its phase-three trial of a COVID-19 vaccine candidate and that it planned to enroll up to 60,000 participants.
• Watch major indexes update live here.

Stocks rose on Wednesday as a strong earnings report from Nike and progress on a COVID-19 vaccine helped to boost investor sentiment.

Nike surged — pulling the Dow Jones industrial average higher — after it reported better-than-expected earnings and strong growth in its e-commerce business.

Johnson & Johnson said it would begin a phase-three trial of its COVID-19 vaccine candidate. The company plans to enroll up to 60,000 participants in the pivotal trial.

Here's where US indexes stood shortly after the 9:30 a.m. market open on Wednesday:

• S&P 500: 3,317.97, up 0.1%
• Dow Jones industrial average: 27,440.43, up 0.6% (152 points)
• Nasdaq composite: 10,917.56, down 0.4%

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Tesla traded lower on Wednesday after its Battery Day event on Tuesday failed to delight investors. The company detailed a $25,000 car it expects to begin selling in three years.

Larry Kudlow, an economic adviser to President Donald Trump, said on Tuesday that a V-shaped recovery wasn't dependent on another round of fiscal stimulus.

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"I don't think the V-shaped recovery depends on the package, but I do think a targeted package could be a great help," Kudlow said.

Gold fell as much as 1.4%, to $1,873.23 per ounce, losing its strong support level of $1,900. Treasury yields traded mostly flat, while the US dollar gained ground.

Oil prices climbed. West Texas Intermediate crude rose as much as 1.4%, to $40.15 per barrel. Brent crude, oil's international benchmark, jumped 1%, to $42.15 per barrel, at intraday highs.

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