Dow Surged over 450 Points, S&P 500 and Nasdaq Sailed to Fresh Record Highs

U.S. stocks ended sharply higher on Wednesday, with the S&P 500 and Nasdaq ending at record highs and the Dow gaining over 450 points, as investors drew hope from progress in the development of tests and vaccines for COVID-19. The Dow Jones Industrial Average added 454.84 points, or 1.59%, to 29,100.50. The S&P 500 rose 54.19 points, or 1.54%, to 3,580.84. The Nasdaq Composite gained 116.78 points, or 0.98%, to 12,056.44.

Oil futures declined on Wednesday, pressured by a drop in domestic crude supplies and production, as output in the Gulf of Mexico sees a strong recovery from Hurricane Laura. West Texas Intermediate crude for October delivery fell $1.25, or 2.9%, to settle at $41.51 a barrel. November Brent crude lost $1.15, or 2.5%, at $44.43 a barrel.