Hopes for an effective vaccine eased investors concerns over the record surge in coronavirus cases in the U.S., sending stocks on Wall Street higher Wednesday on the first trading day of the new quarter. Upbeat data on global manufacturing also supported the rally.
The Nasdaq was the biggest gainer, up almost 1%. The S&P 500 added half percent. The Dow shed a third percent.
Runnymede Capital Management managing partner, Andrew Wang sees stocks extending their rally in the third quarter.
"I think that due to the fiscal and monetary stimulus by the federal government and by the Fed, it's likely to result in higher stock prices. So keep your asset allocation, you know, balanced."
Pfizer was among the top gainers on the S&P. Pfizer and its German partner, BioNTech said their vaccine for the new coronavirus has shown potential in early-stage human trials.
FedEx shares jumped. The package delivery company's quarterly profit and revenue topped analysts' estimates, helped by a surge in residential deliveries as people stayed at home.
And Tesla zoomed past Toyota Motor to become the world's most valuable automaker. Rising shares drove the electric automaker's market cap beyond $207 billion.