Stocks Rise After Good News Breaks on the Virus

The S&P 500 rises 0.9% following early results on a coronavirus vaccine
By Newser Editors and Wire Services
Posted Jul 15, 2020 3:45 PM CDT
Stocks Rise After Bit of Good News Breaks
The Fearless Girl statue stands in front of the New York Stock Exchange, Thursday, July 9, 2020, in New York.   (AP Photo/Mark Lennihan)

Stocks rose across the board on Wall Street Wednesday following some encouraging, though very early results in developing a coronavirus vaccine, the AP reports. Researchers said late Tuesday that one developed by the National Institutes of Health and Moderna revved up people’s immune systems in a preliminary test, as hoped. The S&P 500 rose 0.9% after being up as much as 1.3% during the morning. Small-company stocks rose much more than the rest of the market, a sign of of rising expectations for the economy. Cruise lines, hotels, and other companies that would benefit greatly from the economy reopening rose sharply. The Dow Jones Industrial Average climbed 227.51 points, or 0.9%, to 26,870.10, and the Nasdaq composite gained 61.91, or 0.6%, to 10,550.49. During the morning, the S&P 500 touched its highest level since Feb. 25, and it ended the day at 3,226.56, up 29.04. (More Wall Street stories.)

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