Stocks rose sharply on Wednesday on the back of better-than-expected economic data, which bolstered optimism over the recovery from coronavirus-led shutdowns.
The Dow Jones Industrial Average jumped 426 points, or 1.7%. The S&P 500 gained 1.2% while the Nasdaq Composite advanced 0.7%. Wednesday’s gain put the Dow on pace for its third consecutive gain.
Stocks poised to benefit from the economy reopening rose broadly on Wednesday. American, Delta and United Airlines all gained more than 2%. JPMorgan Chase, Wells Fargo and Bank of America also climbed at least 2.9% each.
Meanwhile, shares of companies that surged during stricter stay-at-home orders lagged. Amazon dipped 0.1% and Netflix slid 0.9%. Zoom Video and Shopify dropped 1.1% each.