The S&P 500 rebounded sharply Wednesday to briefly trade above its all-time high but closed just shy of it. Tech and healthcare stocks powered a broad advance. Investors brushed aside the stalemate over the new coronavirus relief bill.
The Nasdaq added 2%. The S&P 500 and Dow gained more than 1%.
Driving the markets higher, says Gerber Kawasaki CEO Ross Gerber, was Democratic presidential candidate Joe Biden’s pick of Kamala Harris as his running mate:
“I think the market is telling us something here that Biden-Harris is going to win in November, and this is going to be a tremendously positive thing for America.”
Shares of Tesla bolted higher, rising 13%, one day after the electric car maker announced it’ll split its stock five-for-one to make its stratospherically priced shares more accessible. The move comes two weeks after Apple announced a 4-for-1 split.
American Eagle Outfitters shares surged higher. JPMorgan upgraded the shares to “overweight” from “neutral,” citing strong prospects for its Aerie lingerie brand.
Moderna shares rose one day after the U.S. said it’ll buy 100 million doses of its COVID-19 vaccine candidate in a $1.5 billion deal.