here’s-what-happened-to-the-stock-market-on-wednesday

Here’s what happened to the stock market on Wednesday

Shannon Stapleton | Reuters

Dow Jones Industrial Average rises 83 points

The Dow climbed 83.48 points, or 0.3%, to close at 28,331.92. The S&P 500 rose 1.02% to 3,478.73. The Nasdaq Composite outperformed, jumping 1.7% to end the day at 11,665.06. A rally in tech shares propelled the S&P 500 and Nasdaq to fresh record highs

Salesforce leads tech higher

Shares of Salesforce rallied more than 26% on the back of blowout results for the previous quarter. Netflix jumped 12% and Facebook closed 8% higher. Amazon, Alphabet, Microsoft and Apple also rose on Wednesday. 

Positive vaccine news, strong data

Sentiment was also helped by positive news on the coronavirus vaccine front and solid U.S. economic data. Moderna said its coronavirus vaccine showed promising results in a small trial of patients aged 56 and older. The company’s stock jumped 6% on the news. U.S. durable goods orders jumped by 11.2% in July, easily topping a 4.3% estimate from Refinitiv.

What happens next?

Federal Reserve Chairman Jerome Powell is set to deliver a highly anticipated speech on Thursday. Weekly jobless claims data is scheduled for release as well. 

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