Markets

Here's what happened to the stock market on Wednesday

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020.
Brendan McDermid | Reuters

Dow Jones Industrial Average rises tk points

The Dow climbed 373.05 points, or 1.4%, to close at 27,201.52. The S&P 500 advanced 0.6% to 3327.77. The Nasdaq Composite rose 0.5% to 10,998.40. Positive news on the coronavirus front and strong earnings from Disney lifted the market on Wednesday.

J&J scores big coronavirus deal, Disney rallies

Johnson & Johnson rose 0.8% after announcing it struck a $1 billion deal with the U.S. government to manufacture 100 million doses of its coronavirus vaccine candidate if it proves successful. Disney shares popped 8.8% — their biggest one-day gain since March — on the back of a surprise quarterly profit.

ADP data disappoints

ADP reported Wednesday that private payrolls in the U.S. increased by just 167,000 in July. That's well below a Dow Jones estimate of 1 million and represents a tumble from the 4.314 million added in June.  The ADP report is seen as a preview to the government's monthly jobs report, which is forecast to show a gain of more than 1.2 million jobs. 

What happens next?

Weekly jobless claims data are set for release Thursday along with Uber earnings.

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