U.S. stocks finished higher on Wednesday as corporate earnings came in better than expected and positive developments around a COVID-19 vaccine helped to buoy investor sentiment, despite the U.S. notching a record tally of new COVID-19 cases.
The Dow Jones Industrial Average DJIA, +0.85% gained 228 points, or 0.9%, to end at 26,870, based on preliminary numbers. The S&P 500 SPX, +0.90% rose 0.9% to close at 3,227, while the Nasdaq Composite COMP, +0.59% gained 0.6% to finish around 10,550. The Federal Reserve's Beige Book reported that economic activity increased in almost all its districts, but remained well below where it was prior to the COVID-19 pandemic. Moderna Inc.
shares rallied sharply after the biotech firm reported promising results from a study of its coronavirus vaccine candidate.
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