Dow Jones Industrial Average contributed to the growth of the US stock market on Wednesday. It witnessed a hike of 277.61 or 0.96% to settle at 29,085.24 and it is the third straight massive gain for the firm. S&P 500 and Nasdaq also joined the list to witness the third consecutive gain in the US stock market. On the other hand, Wall Street’s hottest stock, Tesla experienced a decline which is rare for the company.
The reason for the jump in the stocks of Dow Jones is the reports surrounding the coronavirus vaccine breakthrough and hike in blowout jobs. The S&P 500 and the Nasdaq stocks settled at 3,329.95 and 9,512.25 respectively after witnessing the respective gains of 0.71% and 0.47%. As per the reports in the Chinese state and British media sources, research teams at Zhejiang University and Imperial College London had got successful in developing drugs to combat the spread of the deadly coronavirus.
And after ADP and Moody’s Analytics released a blowout jobs report, the hike further increased. According to the report, a total of 291,000 jobs was there in January and it is the largest gain since May 2015. After the reports, people starting visiting the online platform of the popular stock news sources to gain more information on this subject.
The news that Tesla would delay Model 3 deliveries due to the outbreak of coronavirus led to a decline in Tesla’s share. Tesla’s Shanghai Gigafactory was closed for the Chinese Lunar New Year and it has not reopened due to the spread of coronavirus in China.
