Dow Jones Industrial Average rises 177 points
The Dow gained 177.10 points, or 0.68%, to close at 26,067.28. The S&P 500 climbed 0.78% to 3,169.9. The Nasdaq Composite notched another record close, rising 1.44% to 10,492.50. Gains in major tech companies helped the major averages regain some of the losses from Tuesday’s session.
Another strong day for tech
Microsoft shares rose 2.20% while Apple gained 2.23% to hit a record. Amazon and Netflix advanced 2.70% and 1.95%, respectively. This gain in tech came as coronavirus cases in the U.S. topped 3 million. “It seems like you flip a switch when those Covid cases go up, the country takes a step back in terms of reopening the economy and all those names find high demand,” said one trader.
Covid cases keep rising
Wednesday’s move higher comes as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. The total number of confirmed U.S. cases now totals more than 3 million, according to Johns Hopkins University.
What happens next?
Weekly jobless claims data are set for release Thursday morning.