Wall Street Gains on Positive Data

The New York Stock Exchange (NYSE) opened Wednesday in gains, supported by positive economic data and developments in the search for a vaccine against the coronavirus disease (COVID-19).

The Wall Street indices are all green at the moment, with the Dow Jones Industrial Average Index up 0.26%, the NASDAQ Composite Index up by 1.01, and the S&P 500 Index up by 0.71%.

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

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

This was the first time the index showed an expansion in the manufacturing activity since the beginning of the COVID-19 pandemic.

Furthermore, private payrolls in the United States showed an increase of 2.369 million jobs during June, which came below expectations as the pandemic is leaving its toll on American businesses.

In addition, the May reading was revised to an increase of 3.065 million jobs, versus previous estimates of a decline by 2.76 million jobs, according to the ADP National Employment Report.