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Wall Street climbs as hopes of economic revival overshadow jump in virus cases

(Reuters) – Wall Street’s major indexes edged higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound overrode fears of another lockdown due to a jump in coronavirus cases across the country.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) provided the biggest boost to all three indexes. The technology index .SPLRCT rose 1.1%, the most among the 11 major S&P sectors.

“People are debating whether or not the low in the economy has actually been reached so they’re sticking with growth stocks and that’s technology,” said Robert Pavlik, senior portfolio manager at SlateStone Wealth LLC in New York.

Safe-haven gold rose nearly 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

The S&P 500 has been in a tight trading range since early June after it rose more than 45% from its March lows as investors weighed a string of upbeat economic data including record job additions and a rebound in the service sector in June, against a domestic surge in coronavirus cases.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to decline about 44% year-on-year, the steepest drop since the 2008 financial crisis, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

At 12:34 p.m. ET, the Dow Jones Industrial Average .DJI was up 38.21 points, or 0.15%, at 25,928.39, the S&P 500 .SPX was up 9.53 points, or 0.30%, at 3,154.85. The Nasdaq Composite .IXIC was up 96.05 points, or 0.93%, at 10,439.94.

Biogen Inc (BIIB.O) jumped 5.2% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.7% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE and for a 1.02-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and 16 new lows.

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Wall Street rises on rebound hopes despite jump in virus cases

(Reuters) – Technology shares boosted Wall Street’s main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country.

Safe-haven gold rose more than 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

“We expect the tug of war between better economic data and concerns over rising COVID-19 cases to continue through the month unless we get better daily virus numbers, and/or news on a vaccine,” said Art Hogan, chief market strategist at National Securities in New York.

The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data over the last few days.

Bolstering hopes of a post-pandemic rebound, analysts said any setback in business activity due to the recent surge in infections would be short term, leaving their long-term forecasts for economic growth unchanged.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to plunge about 43% year-on-year, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Technology sectors .SPLRCT firmed 1.2%, the most among the 11 major S&P sectors.

At 10:52 a.m. ET, the Dow Jones Industrial Average .DJI was up 121.80 points, or 0.47%, at 26,011.98, the S&P 500 .SPX was up 18.26 points, or 0.58%, at 3,163.58. The Nasdaq Composite .IXIC was up 114.52 points, or 1.11%, at 10,458.41.

Biogen Inc (BIIB.O) jumped 5% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.2% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Levi Strauss & Co (LEVI.N) fell 6.4% as the denim apparel maker cautioned its business would be hit in the second half of the year, even as its sales have been improving at its reopened stores.

Advancing issues outnumbered decliners for a 1.46-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 78 new highs and 13 new lows.

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Wall Street rises on rebound hopes despite jump in virus cases

(Reuters) – Technology shares boosted Wall Street’s main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country.

Safe-haven gold rose more than 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

“We expect the tug of war between better economic data and concerns over rising COVID-19 cases to continue through the month unless we get better daily virus numbers, and/or news on a vaccine,” said Art Hogan, chief market strategist at National Securities in New York.

The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data over the last few days.

Bolstering hopes of a post-pandemic rebound, analysts said any setback in business activity due to the recent surge in infections would be short term, leaving their long-term forecasts for economic growth unchanged.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to plunge about 43% year-on-year, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Technology sectors .SPLRCT firmed 1.2%, the most among the 11 major S&P sectors.

At 10:52 a.m. ET, the Dow Jones Industrial Average .DJI was up 121.80 points, or 0.47%, at 26,011.98, the S&P 500 .SPX was up 18.26 points, or 0.58%, at 3,163.58. The Nasdaq Composite .IXIC was up 114.52 points, or 1.11%, at 10,458.41.

Biogen Inc (BIIB.O) jumped 5% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.2% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Levi Strauss & Co (LEVI.N) fell 6.4% as the denim apparel maker cautioned its business would be hit in the second half of the year, even as its sales have been improving at its reopened stores.

Advancing issues outnumbered decliners for a 1.46-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 78 new highs and 13 new lows.

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Wall Street dips after five-day run on fears over virus surge

(Reuters) – Wall Street’s major indexes slipped on Tuesday following the benchmark S&P 500’s longest streak of gains this year as investors worried about the tens of thousands of new coronavirus cases nationwide.

Florida’s greater Miami area became the latest U.S. coronavirus hot spot to roll back its reopening, while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for an eighth straight day.

Energy stocks .SPNY dropped 2% on worries over fuel demand while travel-related stocks, which were among the hardest hit during lockdowns, also fell. The S&P 1500 airlines index .SPLCOMAIR shed 4.2%.

The conundrum of growing cases and rising stock prices indicated that the liquidity from monetary stimulus is overriding fears over the immediate impact of coronavirus on the economy, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.

U.S. stocks have climbed despite an alarming rise in coronavirus cases as a surprise expansion in the U.S. service sector and a record job additions in June are among the slate of upbeat data recently that have bolstered views that an economic recovery is underway.

The benchmark S&P 500 and blue-chip Dow Industrials .DJI have risen about 45% from their March lows and are now about 6% and 11% from their record levels hit in February. The Nasdaq .IXIC reclaimed its record high last month.

The S&P 500 e-minis EScv1 triggered a “golden cross” pattern, when the 50-day moving average crosses above the 200-day moving average, which could portend more gains for stocks in the short term.

At 10:00 a.m. ET, the Dow Jones Industrial Average was down 208.12 points, or 0.79%, at 26,078.91, the S&P 500 was down 11.52 points, or 0.36%, at 3,168.20, and the Nasdaq Composite was down 6.22 points, or 0.06%, at 10,427.43.

Gains for technology .SPLRCT and communications services .SPLRCS stocks capped declines on the S&P 500.

Novavax Inc (NVAX.O) jumped 30.6% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States.

Royal Caribbean Group (RCL.N) and Norwegian Cruise Line Holdings Ltd (NCLH.N) dropped 3.2% and 3.4% each, even as they announced a joint task force to help develop safety standards for restarting their businesses.

Declining issues outnumbered advancers for a 3.77-to-1 ratio on the NYSE and a 2.91-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 46 new highs and nine new lows.

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Wall Street headed lower after five-day run on fears over virus surge

(Reuters) – Wall Street’s main indexes looked set to open lower on Tuesday following the benchmark S&P 500’s longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide.

Florida’s greater Miami area became the latest U.S. coronavirus hot spot to roll back its reopening while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for the eight straight day.

Energy stocks including Occidental Petroleum Corp (OXY.N) and Concho Resources (CXO.N) dropped about 2% on worries over fuel demand. [O/R]

It looks like it will be a slight retracement of Monday and Thursday’s impressive gains, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.

U.S. stocks have climbed despite an alarming rise in coronavirus cases as a surprise expansion in the U.S. service sector and a record job additions in June are among the slate of upbeat data recently that have bolstered views that an economic recovery is underway.

The benchmark S&P 500 .SPX and Nasdaq wrapped up five straight sessions of gains on Monday, with the latter closing at a record level.

The conundrum of growing cases and rising stock prices indicates that the liquidity from monetary stimulus is overriding fears over the immediate impact of coronavirus on the economy, Giannotto said.

At 8:10 a.m. ET, Dow e-minis 1YMcv1 were down 205 points, or 0.78%. S&P 500 e-minis EScv1 were down 20.5 points, or 0.65% and Nasdaq 100 e-minis NQcv1 were down 33 points, or 0.31%.

Novavax Inc (NVAX.O) jumped 33.8% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States.

Travel-related stocks, which were among the hardest hit during lockdowns, fell. United Airlines Holdings Inc (UAL.O) and American Airlines Group Inc (AAL.O) were down 2.6% and 2.3%, respectively.

Royal Caribbean Group (RCL.N) and Norwegian Cruise Line Holdings Ltd (NCLH.N) also dropped about 1% each, even as they announced a joint task force to help develop safety standards for restarting their businesses.

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Wall Street rises on strong services sector, hopes of China recovery

(Reuters) – Wall Street’s major indexes were up more than 1% on Monday as data showing unexpected growth in the U.S. services sector last month and a revival in China’s economy boosted optimism, helping investors look past a surge in new coronavirus cases at home.

The ISM’s non-manufacturing activity index jumped to 57.1 in June, almost returning to pre-pandemic levels, but a recent surge in COVID-19 cases in the United States has threatened the emerging recovery.

“These numbers are important, and it helps to explain the increase in consumer confidence,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Investors also bet on an improving Chinese economy and its impact on the global growth as the yuan led commodity currencies higher against the dollar. Earlier, Chinese stocks jumped more than 5%.

A slew of upbeat U.S. data, including a record rise in monthly payrolls, has powered the Nasdaq to all-time highs and has helped the S&P 500 and the Dow shed much of their losses. The S&P 500 is roughly 6% below its February peak, while the Dow is about 11% below its record high from that month.

The S&P 500 rose for the fifth day, undeterred by a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and poses a big risk to the economic recovery.

The Dow Jones Industrial Average rose 368 points, or 1.42%, to 26,195.36, the S&P 500 gained 41.93 points, or 1.34%, to 3,171.94 and the Nasdaq Composite added 197.03 points, or 1.93%, to 10,404.66.

Over the Independence Day weekend, several states reported a record increase in new infections, with Florida surpassing the highest daily tally reported by any European country during the peak of the outbreak there.

Online retail giant Amazon.com crossed $3,000 for the first time and was the top support to the benchmark index and the Nasdaq.

Tesla Inc were up about 10%, rising for the fifth session as JPMorgan bumped up its price target for the electric carmaker’s stock following better-than-expected quarterly deliveries.

Uber Technologies Inc climbed 5.1% after the ride-sharing company agreed to buy food-delivery app Postmates Inc in a $2.65-billion all-stock deal.

Advancing issues outnumbered declining ones on the NYSE by a 2.21-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored advancers.

The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 145 new highs and 14 new lows.

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Wall Street gains on strong services sector data, China-led recovery hopes

(Reuters) – Wall Street’s major indexes climbed on Monday as data showing unexpected growth in the U.S. services sector last month and optimism over China’s economic revival helped investors look past a surge in new cases of COVID-19 at home.

The ISM’s non-manufacturing activity index jumped to 57.1 in June, almost returning to pre-pandemic levels, but a recent surge in COVID-19 cases in the United States has threatened the emerging recovery.

During Asian hours, Chinese stocks jumped more than 5% on ample liquidity, cheap funding and expectations of a faster and a better bounce-back in business activity than other major countries that are still battling the coronavirus crisis.

A slew of upbeat U.S. data, including a record rise in monthly payrolls, has powered the Nasdaq to all-time highs and has helped the S&P 500 and the Dow shed much of their losses. The S&P 500 is about 6% below its February peak, while the Dow is about 11% below its record high from that month.

“Investors are more focused on what the other side of this pandemic looks like, as opposed to the short-term risks of shutdowns,” said Matt Lindholm, managing director – investment strategies at CAZ Investments in Houston.

The S&P 500 rose for the fifth day, undeterred by a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and poses a big risk to the economic recovery.

Over the Independence Day weekend, several states reported a record increase in new infections, with Florida surpassing the highest daily tally reported by any European country during the peak of the outbreak there.

“July is going to be critical in making sure the virus can be contained and in a way that the economic recovery can continue and if Democrats or Republicans get together to continue to supply a type of fiscal stimulus that can continue to support the economy,” said Keith Buchanan, senior portfolio manager at GLOBALT Investments in Atlanta.

At 12:38 p.m. ET, the Dow Jones Industrial Average was up 329.03 points, or 1.27%, at 26,156.39, the S&P 500 was up 41.52 points, or 1.33%, at 3,171.53. The Nasdaq Composite was up 211.59 points, or 2.07%, at 10,419.21.

Nine of the 11 major S&P sectors were trading higher, with technology providing the biggest boost to the S&P 500. Online retail giant Amazon.com crossed $3,000 for the first time and was the top support to the benchmark index and the Nasdaq.

Among individual shares, Tesla Inc surged 10%, rising for the fifth session as JPMorgan bumped up its price target for the electric carmaker’s stock following better-than-expected quarterly deliveries.

Uber Technologies Inc climbed 6.4% after the ride-sharing company agreed to buy food-delivery app Postmates Inc in a $2.65-billion all-stock deal.

Advancing issues outnumbered decliners by a 2.13-to-1 ratio on the NYSE and by a 1.77-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 141 new highs and 11 new lows.

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Record job growth powers Wall Street, Nasdaq hits all-time high

(Reuters) – Wall Street opened higher on Thursday, with the Nasdaq hitting an all-time high as data showed the U.S. economy added jobs at a record pace in June, the latest signal of a rebound in business activity following the easing of coronavirus-led lockdowns.

Nonfarm payrolls rose by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment data showed, the most since the government began keeping records in 1939, although a recent surge in COVID-19 cases has threatened the fledgling recovery.

All 11 major S&P sectors were trading higher and gains were led by financials, basic materials and energy stocks.

“The strong rebound would normally be an unambiguously positive sign that a recovery is under way (but) it is being accompanied by a sharp rise in new infections, which was what caused the collapse in the first place,” said Mike Bell, global market strategist at JP Morgan Asset Management in London.

“It is therefore too soon to say for certain that this recovery in employment sounds the all-clear for investors.”

Several states are scaling back or pausing reopenings to tackle the spike in infections and analysts have warned of another selloff in financial markets if the damage to Corporate America mounts.

Third-quarter earnings for S&P 500 companies are now expected to tumble 25%, compared with a forecast of a 2.7% drop on April 1, according to Refinitiv data. In the second quarter, earnings are forecast to have plunged 43%.

“People are less concerned about earnings than they are about the guidance and what companies say about the next six months and 2021,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

At 10:10 a.m. ET, the Dow Jones Industrial Average was up 431.49 points, or 1.68%, at 26,166.46, the S&P 500 was up 46.08 points, or 1.48%, at 3,161.94, and the Nasdaq Composite was up 147.27 points, or 1.45%, at 10,301.90.

Tesla Inc jumped 8.5% and was set for a fourth straight session of gains after beating Wall Street estimates for second-quarter vehicle deliveries.

Travel-related stocks were also among the biggest gainers, with cruise line operators Carnival Corp, Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd rising more than 2%.

Coty Inc added 5.3% after it named former top executive of L’Oreal, Sue Nabi, as its chief executive officer.

Advancing issues outnumbered decliners more than 8-to-1 on the NYSE and 3-to-1 on the Nasdaq.

The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and six new lows.

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S&P, Nasdaq close higher on vaccine hopes, improving data

NEW YORK (Reuters) – The S&P 500 and Nasdaq indexes closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely.

Pfizer Inc’s shares rose more than 3% after the drugmaker said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

The gains put Pfizer among the top boosts to both the S&P 500 and Dow Industrials while helping improve the mood on Wall Street even as the U.S. Centers for Disease Control and Prevention reported an increase of 43,644 new cases of the coronavirus. U.S.-listed shares of BioNTech rose as much as 18.9% before fading into the close, ending down 3.9%.

“Pfizer news was certainly an impetus for the market to move even higher but in general it is this very positive momentum, looking beyond this re-spreading of the virus, looking beyond that to eventual treatments, eventual vaccine and eventual safe openings of the economy,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Investors were also encouraged by some upbeat economic data as coronavirus-induced lockdowns have eased. A report on Wednesday showed a slump in global manufacturing had ebbed in June, with U.S. figures hitting their highest level in more than a year.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

The Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97, the S&P 500 gained 15.57 points, or 0.50%, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95%, to 10,154.63.

The Dow was held in check partly by a 1.6% fall in Boeing Co shares, which lost ground for a second straight day following a 14% surge on Monday.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally.

The S&P 500 closed its best quarter since 1998 on Tuesday, fueled also by unprecedented levels of fiscal and monetary stimulus. Minutes from the Federal Reserve’s June policy meeting showed policymakers broadly agreed to make full use of the tools at the central bank’s disposal to support a recovery from the recession triggered by the coronavirus pandemic.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

FedEx Corp jumped 11.7% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Drugmaker Amgen Inc climbed 8.2% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and 11 new lows.

Volume on U.S. exchanges was 10.57 billion shares, compared with the 13.46 billion average for the full session over the last 20 trading days.

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Vaccine optimism, improving data lift Wall Street

NEW YORK (Reuters) – U.S. stocks moved higher on Wednesday as rising hopes of a safe and effective COVID-19 vaccine eased concerns another round of lockdowns was likely following a record surge in coronavirus cases in the United States.

Pfizer Inc’s shares rose nearly 5% after the drugmaker said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

The gains made Pfizer shares one of the top boosts to both the S&P 500 and Dow Industrials while U.S.-listed shares of BioNTech gained more than 8%, helping improve the mood on Wall Street after the United States registered 47,000 new coronavirus cases on Tuesday, the biggest one-day spike since the start of the pandemic.

Investors were also encouraged by some upbeat economic data as coronavirus-induced lockdowns have eased. A report on Wednesday showed a slump in global manufacturing had ebbed in June, with U.S. figures hitting their highest level in more than a year.

On Thursday, all eyes will be on the Labor Department’s nonfarm payrolls report.

“The macro data came in a little warmer than expected, which is nice, obviously nonfarm payrolls tomorrow is the big deal and the Pfizer vaccine news got everyone optimistically thinking,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.

Zigmont cautioned, however, that the market has been expecting a vaccine by early 2021 and without one a strong economic recovery is unlikely.

The Dow Jones Industrial Average rose 9.87 points, or 0.04%, to 25,822.75, the S&P 500 gained 19.34 points, or 0.62%, to 3,119.63 and the Nasdaq Composite added 95.64 points, or 0.95%, to 10,154.40.

Updates on the progress in various COVID-19 vaccine programs are being closely watched by investors, and have been partly responsible for Wall Street’s recent rally.

The S&P 500 closed its best quarter since 1998 on Tuesday, fueled also by unprecedented levels of fiscal and monetary stimulus. Minutes from the Federal Reserve’s June policy meeting showed policymakers broadly agreed to make full use of the tools at the central bank’s disposal to support a recovery from the recession triggered by the coronavirus pandemic.

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

The ADP National Employment Report on Wednesday showed U.S. private payrolls increased by 2.369 million jobs, but still less than expected in June.

Drugmaker Amgen Inc climbed 8.1% after a federal appeals court upheld two patents for the drugmaker’s multibillion-dollar rheumatoid arthritis drug Enbrel.

FedEx Corp jumped nearly 12% after posting better-than-expected quarterly profit and revenue, helped by a surge in pandemic-fueled home deliveries.

Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favored decliners.

The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 75 new highs and 10 new lows.

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