Here's what happened to the stock market on Wednesday

Traders work after the opening bell at the New York Stock Exchange (NYSE) on August 15, 2019 at Wall Street in New York City.

Dow Jones Industrial Average rises 165 points

The Dow gained 165.44 points, or 0.62% to close at 27,005.84. The S&P 500 climbed 0.57% to 3,276.02. The Nasdaq Composite advanced 0.24% to 10.706.13. Wall Street posted a muted performance as traders digested  news of a coronavirus vaccine deal between the U.S. government and Pfizer and BioNTech.

Pfizer-BioNTech vaccine candidate gets government deal

The U.S. agreed to pay Pfizer and German-partner BioNTech $1.95 billion to produce 100 million coronavirus vaccines if it proves to be safe and effective. The Department of Health and Human Services added the U.S. can acquire an additional 500 million doses of the drug under the agreement. Pfizer rose more than 5.10%. BioNTech's U.S.-listed shares gained 13.72%. Stocks also got a boost after sources told CNBC that Republicans are considering extending current unemployment benefits at $400 per month through December.

Banks struggle

Banks were under pressure, giving back solid gains from the previous session. JPMorgan Chase dipped 072%. Bank of America fell 0.45%. Citigroup dropped 0.14%.

What happens next?

AT&T, Twitter and American Airlines are set to report earnings Thursday. Weekly jobless claims numbers are also set for release.

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