- US stocks edged higher on Wednesday as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, which hit a single-day record of 60,000 on Tuesday.
- The surge in new cases could further threaten the US economic recovery.
- Oil prices gained slightly ahead of a key report from the Energy Department.
- Read more on Business Insider.
US stocks edged higher on Wednesday as investors weighed rising coronavirus cases against efforts to reopen the economy.
On Tuesday, the US reported another single-day record of 60,000 new coronavirus cases, bringing the total confirmed cases in the country to 3 million, according to data from Johns Hopkins University.
Several states have had to pull back or postpone reopening efforts to control surging COVID-19 cases, threatening the speed of the economic recovery in the US.
The so-called reopening trade faltered, with shares of airlines such as American and Delta falling along with cruise lines.
The losses were offset by gains in major technology companies, which have led the broader market as investors bet on their ability to perform amid a recession. Shares of Amazon, Microsoft, Apple, and Alphabet all rose.
Here’s where US indexes stood at 12:00 p.m. ET on Wednesday:
- S&P 500: 3,150.58, up 0.2%
- Dow Jones industrial average: 25,896.98, up 0.03% (7 points)
- Nasdaq composite: 10,420.12, up 0.8%
Read more: Buy these 15 stocks that are shielded from COVID-19 fallout and primed to beat the market even as virus cases spike, Evercore says
Twitter surged as much as 9% Wednesday after the company posted a job listing saying it is building a new subscription platform.
Shares of AMC Entertainment jumped after The Wall Street Journal reported that the company was nearing a deal to avoid bankruptcy.
Nikola jumped after JPMorgan upgraded shares of the company to overweight from neutral. Gold topped $1,800 an ounce for the first time since 2011 as investors piled into the safe-haven asset.
Oil prices gained ahead of a key report from the Energy Department. West Texas Intermediate crude rose as much as 0.4%, to $40.78 per barrel. Brent crude, the international benchmark, gained 0.5%, to $43.30 per barrel, at intraday highs.
Read more: An investment chief who doubled 3 of her firm’s ETFs within 3 years told us the most overlooked technological innovation on her radar — and shared the 3 stocks she’s been snapping up since the pandemic started
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