U.S. stocks finished sharply higher Wednesday, snapping a three-day selloff that a day earlier drove the Nasdaq Composite into a correction at the fastest pace in history following its record high last week. The Dow Jones Industrial Average closed up 440 points, or 1.6%, at 27,940, boosted by gains in Microsoft Corp. (MSFT), Apple (AAPL) and salesforce.com (CRM). The S&P 500 index rose 2% to 3,399, powered by gains in technology (XLK), up 3.4%, and materials (XLB), rising 2.6%; and the tech-heavy Nasdaq Composite Index rose 2.7% to 11,142, after falling into a correction with Tuesday's 4.1% selloff. A correction is commonly defined as a drop of at least 10% from a recent peak. In corporate news, AstraZeneca PLC [s:UK: AZN] (AZN.LN) was halted in what the drugmaker described as a "routine action," paused late-stage trials of its vaccine candidate for COVID-19 following an unexplained illness in one of the trial volunteer. U.S. listed shares of AstraZeneca finished down nearly 2%. Shares of Slack Technologies (WORK) finished the day down around 14% after the communication company said it broke even in its latest quarter, perhaps, disappointing investors hoping for better results.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 09, 2020 16:29 ET (20:29 GMT)
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