S&P 500 and Nasdaq Maintain Gains, Dow Closes Lower

The New York Stock Exchange (NYSE) closed higher on Wednesday, with investors growing optimistic about news of a potential vaccine for the coronavirus (COVID-19).

The S&P 500 index gained 0.50%, and the NASDAQ Composite Index increased by 0.95%, while the Dow Jones Industrial Average closed lower by 0.3%.

A COVID-19 vaccine, developed by Pfizer and BioNTech, is reportedly showing promising results.

Earlier today, data by the Institute for Supply Management (ISM) showed that the purchasing managers’ index (PMI) for the manufacturing sector in the United States increased to 52.6 in June.

Private payrolls in the United States showed an increase of 2.369 million jobs during June, which came below expectations.

In addition, members of the US Federal Reserve Board have agreed to use all of the tools at their disposal to help push the economy out of recession, as shown by the minutes of the FOMC meeting that took place on June 9-10.