U.S. stocks rose as positive vaccine developments and better-than-expected manufacturing data tempered concern over a jump in coronavirus cases. Treasuries and the dollar fell.
The S&P 500 rose for a third day while the Nasdaq Composite jumped to a record as an early trial of an experimental shot from Pfizer Inc. and BioNtech SE showed it’s safe and prompted patients to produce antibodies. Earlier Wednesday, equities came off session highs after California and Arizona reported their biggest daily virus case increases and Houston’s intensive-care units exceeded full capacity. FedEx Corp. soared on a surprise profit, while Boeing Co. and Walgreens Boots Alliance Inc. weighed on the Dow Jones Industrial Average.