US stocks rise amid vaccine hopes, earnings

US stocks finished higher on Wednesday as market mood was bolstered by encouraging news about an experimental Covid-19 vaccine and a slew of better-than-expected earnings.

The Dow Jones Industrial Average increased 227.51 points, or 0.85 per cent, to 26,870.10. The S&P 500 climbed 29.04 points, or 0.91 per cent, to 3,226.56. The Nasdaq Composite Index was up 61.91 points, or 0.59 per cent, to 10,550.49, Xinhua reported.

All the 11 primary S&P 500 sectors rallied, with industrials and energy up 2.11 per cent and 1.89 per cent, respectively, outpacing the rest.

US-listed Chinese companies traded mostly higher, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

On the corporate side, Moderna shares surged 6.9 per cent. The US biotechnology firm on Tuesday said its coronavirus vaccine produced a robust immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial. And the company was reportedly to start its final clinical trial for Covid-19 vaccine in late July.

Earnings season kicked off this week with bank giants among the earliest to report results.

Goldman Sachs on Wednesday reported quarterly numbers that easily topped analyst expectations, sending the stock up 1.35 per cent at the close.

The results came one day after JPMorgan Chase delivered better-than-anticipated earnings. Citigroup posted mixed results on Tuesday, while Wells Fargo posted a $2.4 billion of loss in the second quarter.