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