Shares rose on Wednesday, led by big tech names, as investors weighed in on the latest US coronavirus data and its impact on the economic recovery.
The Dow Jones Industrial Average rose 114 points, or 0.4%. The S&P 500 rose 0.5%, while the Nasdaq Composite gained 1%.
The stocks of large technology companies such as Apple and Microsoft rose 2% and 1.7%, respectively. Netflix and Alphabet both rose at least 0.8%.
Names that would benefit from the reopening of the economy turned around and contributed to the profits. Carnival Corp, Norwegian Cruise Line and Royal Caribbean grew 2.4%, 1.7% and 2.3%, respectively. The retailer Kohl’s rose more than 5%.
The surge was even higher on Wednesday when the United States reported a daily record surge of more than 60,000 coronavirus cases on Tuesday. This recent increase has brought the total number of confirmed US cases to nearly 3 million, according to Johns Hopkins University.
Hopkins-related coronavirus deaths in the U.S. have increased to over 131,000, according to Hopkins.
"COVID numbers in the US are still worrying and this is starting to create economic headwind," said Adam Crisafulli, founder of Vital Knowledge, in a note.
White House economic adviser Larry Kudlow attempted to dispel concerns about the virus' impact on the economy and told CNBC's Squawk Box that the data suggest a significant recovery.
"Nobody denied that we had a big leap in certain hotspots," said Kudlow on Wednesday. "However, you cannot rule out: There are many scenarios here. We really have no real experience in econometric modeling for these types of things. Because so much is generated by the virus. At the moment we have created 8 million new jobs in the past few months … Almost every data element shows a V-shaped recovery. "
On Tuesday, the S&P 500 and Nasdaq had a five-day winning streak while the Dow lost nearly 400 points.
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