NEW YORK: The S&P 500 and the Dow rose on Wednesday, while the Nasdaq lagged as investors shifted out of technology and into cheaper sectors that are poised to benefit from an eventual economic recovery.
Investors also appeared to have shrugged off a threat from US President Donald Trump to not sign an $892 billion coronavirus relief bill, saying it should be amended to increase the amount in the stimulus checks.
Technology stocks including Microsoft, Paypal and Amazon.com, which have consistently outperformed during the pandemic, dragged the Nasdaq lower.
At 11:52 a.m. ET, the Dow Jones Industrial Average was up 211.00 points, or 0.70%, at 30,226.51, the S&P 500 was up 18.26 points, or 0.50%, at 3,705.52. The Nasdaq Composite was up 7.52 points, or 0.06%, at 12,815.43.
Drugmaker Pfizer Inc rose 2.3% after a deal to supply the United States with 100 million additional doses of its Covid-19 vaccine by July.
Merck & Co Inc added 0.9% following its own Covid-19 treatment agreement with the United States.
American Airlines Group and United Airlines Holdings rose 2.9% and 2.8%, respectively.
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