Wall Street Close: Bulls take back the baton, shrug-off 3 million US COVID-19 cases

• Dow Jones Industrial Average rose 177.44 points, or 0.69%, to 26,067.62.
• S&P 500 gained 24.72 points, or 0.79%, to 3,170.04.
• The Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

US stocks rose on Wednesday, amid a general absence of market-moving news, were making a comeback, denying the bears and resulted in the Nasdaq hitting another record closing high.

Despite the potential consequences of these spikes in new coronavirus case, patient investors continue to buy into the central bank and fiscal stimulus efforts and global economic recovery. 

US Fauci said Phase 3 vaccine trials may begin at end July, and that he is cautiously optimistic for a vaccine by year-end, and that is enough for the market to keep on the bid.

Unofficially, the Dow Jones Industrial Average rose 177.44 points, or 0.69%, to 26,067.62, the S&P 500 gained 24.72 points, or 0.79%, to 3,170.04 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

US COVID-19 surpassed 3 million

• Record 60,021 new COVID-19 cases reported in the US

US cases of COVID-19 surpassed 3 million overnight, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Fed’s Bostic reiterated that the infections spikes are clouding the reopening outlook, but broad shut down isn’t expected. 

Meanwhile, US-China tensions continue to bubble. US Kudlow said the US has issues with China but a trade deal is not dead.

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