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The Dow Jones Industrial Average rose on Wednesday as bond yields fell following the Treasury Department’s announcement of an increased buyback operation for longer-term debt.
The 30-stock index climbed 119.65 points to 53,463.05.
The S&P 500 hiked 16.22 points to 7,707.98.
The NASDAQ Composite grew 41.38 points to 26,331.09.
Stocks viewed as beneficiaries of lower rates saw some gains. Lowe’s advanced around 3%, while Home Depot rose more than 2%.
Moderna more than doubled, soaring more than 140% and heading for its best day on record after an experimental skin cancer vaccine developed with Merck showed success in a late-stage trial. Merck shares jumped more than 12%, supporting the Dow.
Shares of Marvell Technology gained 8% after announcing an agreement with Google related to its tensor processing units and issuing Alphabet a warrant to buy up to $12.2 billion worth of Marvell common stock.
However, other tech stocks slid after The Wall Street Journal reported, citing sources, that OpenAI disclosed second-quarter results that disappointed investors. While revenue expanded by 18% between the first and second quarter, losses grew as well. Broadcom and Advanced Micro Devices shed around 4%.
President Donald Trump reiterated on Wednesday that the U.S. has a trade deal with Canada as long as the documents are finalized.
“Subject to the finalization of documents, we have a deal with Canada,” Trump told reporters at the White House. “I think it’s a very good deal for ... both parties.”
Trump announced late Tuesday night that he was delaying his plan for levies on the U.S.' northern neighbor for three days because a deal was almost finalized.
Had the tariffs gone into effect, some Canadian goods including wine and hockey stocks would have been hit with a 50% import tax.
Prices for the 10-year Treasury popped, lowering yields to 4.65% from Tuesday’s 4.71%. Treasury prices and yields move in opposite directions.
Oil prices went above water 46 cents to $85.40 U.S. a barrel.
Gold prices climbed $12.40 to $4,563 U.S. an ounce.
