(CNBC) — Stocks rose on Wednesday, boosted by news of a coronavirus vaccine deal between the U.S. government and Pfizer and BioNTech and apparent progress on U.S. stimulus negotiations.
The Dow Jones Industrial Average gained 165 points, or 0.6%. The S&P 500 rose 0.6% and the Nasdaq Composite advanced 0.2%
The U.S. agreed to pay Pfizer and German-partner BioNTech $1.95 billion to produce 100 million coronavirus vaccines if it proves to be safe and effective. The Department of Health and Human Services added the U.S. can acquire an additional 500 million doses of the drug under the agreement.