Stocks Rose Amid Fresh Hopes for a Covid-19 Vaccine

U.S. stocks were traded higher midday Wednesday, driven by renewed hopes over a potential coronavirus vaccine, while well-received earnings from Goldman Sachs gave an extra lift to the Dow. The Dow Jones Industrial Average lately rose 212.81 points, or 0.80%, to 26,855.40. The S&P 500 advanced 24.29 points, or 0.76%, to 3,221.81. The Nasdaq Composite climbed 26.95 points, or 0.26%, to 10,515.53.

Oil futures climbed on Wednesday, buoyed by the biggest weekly decline in U.S. crude supplies so far this year. West Texas Intermediate crude for August delivery rose 48 cents, or 1.2%, to $40.77 a barrel. September Brent crude was 59 cents higher, up 1.4%, at $43.49 a barrel.

Moderna has announced it will advance to a larger clinical trial for its COVID-19 vaccine. The company said its coronavirus vaccine candidate produced a “robust” immune-system response in a larger group of people and the study will move to a decisive clinical trial in July.

Goldman Sachs Group Inc. (GS) reported a second-quarter profit that was well above expectations. Net income rose to $2.25 billion, or $6.26 a share, from $2.20 billion, or $5.81 a share, in the year-ago period. Total revenue grew 41% to $13.30 billion, as non-interest revenue climbed 47% to $12.35 billion.