All major indices rose on Wednesday, led by the Dow Jones Industrial Average, which rose 3.44% to over 23,000 for the first time since March 13.
Investors seemed encouraged by comments from the National Institute of Allergy and Infectious Diseases director Anthony Fauci, who said Wednesday that the US death toll from COVID-19 is lower than originally modeled, thanks. He warned that the number of deaths would continue to increase even as new cases slowed.
Wednesday's action followed rallies earlier this week. Still, it should be noted that the Dow Jones Industrial Average still closed below yesterday's 23,537.44 high, suggesting that this could be a bear market run.
Here is the breakdown at the close:
- Dow Jones rose 3.44% or 779.71
- S&P 500 rose 3.41% or 90, 57 to close at 2,749.98
- NASDAQ fell 2.58% or 203.64 points to close at 8,090.90
stocks were also fueled by oil prices and news Democratic presidential candidate Bernie Sanders whose policies fueled concerns about higher taxes dropped out of the race.
The transport experienced a dent today. Uber rose 4.66% to close at $ 26.94. That is still more than 34.7% less than this year's high of $ 41.27 in February. In Lyft, the stock rose 7.78% to close at $ 29.64. Again, it's the same story as Uber. Lyft's share price is still around 45% below its all-time high.
Today's market leaders included airlines that were one of the hardest hit industries in this COVID-19 era. United led the field with an increase of 12.38% and closed at USD 27.51, followed by American Airlines and Delta, which rose 109% and 4.4%, respectively. Tesla had a volatile day that almost ended where it started, with an increase of 0.62% and a closing price of $ 548.84.
The automakers also saw an increase in shares. GM shares rose 8.59% to close at $ 23.13, while Ford rose 6.59% to $ 5.03 and Fiat Chrysler Automobiles closed 3.15% to $ 7.86 per share.