May 27, 2020 / Sergei Klebnikov, Forbes Staff
The market continued to rally on Wednesday as optimism about a successful reopening of the economy and a potential coronavirus vaccine continues to build on Wall Street.
- The Dow Jones Industrial Average rose 1.2%, over 300 points, at Wednesday’s open, while the S&P 500 was up 0.9% and the Nasdaq gained 0.1%.
- The European Commission announced plans on Wednesday for a $826.5 billion recovery fund to help deal with the economic fallout from the coronavirus pandemic.
- Stocks have been moving higher thanks to increasing optimism on Wall Street, with states beginning to reopen businesses and several companies working on potential coronavirus vaccines.
- Earlier this week, biotech company Novavax said that it had started the first clinical trial for its experimental coronavirus vaccine, while pharmaceutical giant Merck announced that it is working with scientific research organization IAVI to develop a vaccine.