Stocks Rebound on Wall Street; S&P Trades Above Record
The S&P 500 briefly traded above its record closing high Wednesday, nearly erasing the last of the historic losses it took due to the coronavirus pandemic.
The index ended up with a gain of 1.4%, just shy of its all-time high.
Big technology stocks once again led way. At its depths, the S&P 500 had been down nearly 34% when worries about the recession were at their height.
But massive aid from the Federal Reserve and Congress helped prop up the market.
That’s allowed investors to look ahead to a future when a vaccine will hopefully help the economy get back to normal.