By Yasin Ebrahim
Investing.com – The Dow notched its fourth-straight daily gain on Wednesday as positive vaccine news and earnings from banks boosted investor sentiment.
The Dow Jones Industrial Average rose 0.85%, or 227 points, the S&P 500 gained 0.93%, while the Nasdaq Composite added 0.59%.
Drugmaker Moderna (NASDAQ:MRNA) jumped 6.9% after reporting that its coronavirus vaccine candidate, mRNA-127, produced antibodies in patients aged 18 to 55, suggesting the treatment could protect against infection by the virus.
Some on Wall Street, however, said it was too early to draw a conclusion from the early-stage clinical data.
“Many open questions obviously remain, including on immune response durability, and what the profile might look like in older adults, but we believe the data represent a good start,” Chardan analysts said in a note.
Covid-19 cases meanwhile continued to mount, led by virus hotspots across the U.S. including California, Arizona, Florida and Texas.
American Airlines (NASDAQ:AAL) jumped 16%, Marriott International (NASDAQ:MAR) added 7.9%, Wynn Resorts (NASDAQ:WYNN) was up 9.3%, and Carnival (NYSE:CCL) surged 16%.
Financials, meanwhile, eased from session highs as Goldman Sachs pared some gains following a blowout quarterly report.
Goldman Sachs Group (NYSE:GS) rose 1.3% after reporting second-quarter earnings of $6.26, above consensus estimates of $3.90, led by strong performance in its trading division.
US Bancorp (NYSE:USB) also beat forecasts to rise 3.7%, while PNC Financial Services Group (NYSE:PNC) was up 2.8% despite swinging to an unexpected loss.
In tech, FAANG stocks traded mix as the intraday bid in megacap tech faded.
Apple (NASDAQ:AAPL) gave up some gains after rising more than 2% following an upgrade from Needham and reports that the tech giant had won a legal dispute over a $14.8 billion tax battle with the European Union.
Needham upgraded its rating on the stock to $450 from $350, citing the value of its ecosystem.
Energy continued its strong start to the week boosted by rising oil prices as data showing a larger-than-expected draw U.S. crude supplies offset worries over waning demand amid reports that some major oil producing nations are set to rein in production cuts.
Elsewhere, Beyond Meat (NASDAQ:BYND) climbed 3% after the plant-based food company announced an expansion into Brazil.
Virgin Galactic names Disney executive Colglazier as new CEO
Fauci bullish on prospects for U.S. vaccine, not worried about China winning race
Wall Street ends higher on vaccine bets, Goldman results