Stocks Opened Higher after Promising Vaccine News

U.S. stocks opened moderately higher on Wednesday, lifted by encouraging news that Pfizer’s (PFE) coronavirus vaccine candidate showed progress in a trial phase. The Dow Jones Industrial Average lately rose 193.95 points, or 0.75%, to 26,006.83. the S&P 500 added 16.80 points, or 0.54%, to 3,117.09. The Nasdaq Composite rose 31.97 points, or 0.32%, to 10,090.74.

Oil futures were trading slightly higher early Wednesday, after a report on U.S. inventories pointed to a big decrease in domestic supplies ahead of a closely followed government report on stockpiles. West Texas Intermediate crude for August rose 15 cents, or 0.4%, at $39.41 a barrel. Brent oil for September picked up 12 cents, or 0.2%, to $41.36 a barrel.

Preliminary trial results of an experimental coronavirus vaccine from Pfizer and BioNtech SE showed the drug was safe for use, and facilitated the production of antibodies against the novel virus that causes COVID-19.

Zoom Video Communications Inc said on Wednesday it has added over 100 features to its video conferencing as part of its 90-day plan to address security and privacy concerns.