U.S. stocks ended higher on Wednesday, as investors considered a spate of updates around companies’ coronavirus vaccine development and distribution plans, alongside a batch of stronger than expected corporate earnings results. The Dow Jones Industrial Average rose 373.05 points, or 1.39%, to 27,201.52. The S&P 500 gained 21.26 points, or 0.64%, to 3,327.77. The Nasdaq Composite advanced 57.23 points, or 0.52%, to 10,998.40.
Oil futures posted the highest close in five months, after data confirmed a large drop in crude inventories while also showing an unexpected rise in gasoline stocks that undercut notions of a pickup in demand. West Texas Intermediate crude for September delivery rose 49 cents, or 1.2% to finish at $42.19 a barrel. October Brent crude was up 74 cents, or 1.7%, at $45.17 a barrel.
Johnson & Johnson (JNJ) announced it had entered an agreement with the US government to manufacture and deliver 100 million doses of its Janssen unit’s investigational coronavirus vaccine candidate.
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