U.S. equity markets rallied Wednesday, getting back on track after a late-day selloff during the prior session snapped the S&P 500’s longest winning streak in 16 months.
The Dow Jones Industrial Average gained 258 points, or 0.93 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 0.87 percent and 0.92 percent, respectively.
Rallies on both the Dow and the S&P were interrupted after seven days of gains on Tuesday when Sen. Majority Leader Mitch McConnell, R-Ky., said the White House and top Democratic leaders did not hold COVID-19 relief talks that day.
Looking at stocks, Tesla, Inc. announced a 5-for-1 stock split that will be distributed at the close of trading on August 28. Shares of the electric-car maker were up 229 percent this year through Tuesday.
Meanwhile, Moderna Inc. agreed to a deal worth up to $1.5 billion to supply the U.S. government with at least 100 million doses of its experimental COVID-19 vaccine, which began a Phase 3 study late last month.
Eastman Kodak Co. CEO Jim Continenza said the company has “more work” to do to secure a $765 million government loan to aid its pivot into the pharmaceutical industry. Kodak posted a quarterly loss of 8 cents per share as revenue fell 31 percent from a year ago to $213 million.