Dow Jones Industrial Average rallies 289 points
The Dow rallied 289.93 points, or 1.1%, to close at 27,976.84. The S&P 500 gained 1.4% to close at 3,380.35. The Nasdaq Composite outperformed, surging 2.1% to 11,012.24. Shares of the major tech companies rebounded from Tuesday’s sell-off, putting the S&P 500 back within striking distance of its all-time high.
S&P 500 records within reach
The S&P 500 closed less than half a percent below its intraday record of 3,393.52. It also traded above its record closing high on Wednesday before falling just short. However, Wall Street is still grappling with massive uncertainty out Washington regarding a new coronavirus stimulus package. On Wednesday, House Speaker Nancy Pelosi said both sides were still “miles apart” on relief negotiations.
Tech rebounds, reopening trade lags
Facebook, Netflix and Alphabet all rose more than 1%. Amazon advanced 2.7% and Microsoft gained 2.9%. Apple advanced 3.3%. Shares of companies that would benefit from the economy reopening struggled. Cruise operator Carnival fell by 4% while bank stocks closed broadly lower.
What happens next?
Weekly jobless claims data along with import price numbers are set for release Thursday