(CNBC) — Stocks traded mostly higher on Wednesday to kick off the second half of 2020 with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S. economic data.
The S&P 500 climbed 0.9% and the Nasdaq Composite advanced 1.4%. The Nasdaq-100 index traded 1.6% higher and hit a record high. The Dow Jones Industrial Average gained about 34 points, or 0.1%. At one point, the Dow was up more than 200 points.
A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies. The results were released online, but have not been reviewed by a medical journal yet.