U.S. equity markets rallied on Wednesday and the S&P 500 just missed closing in record territory.

The benchmark S&P 500 rose 1.4% to 3380.36 returning to the near-record levels of February. Big tech contributed to the gains as the Nasdaq Composite rose by 2.13% while the Dow Jones Industrial Average gained 289.55 points, or 1.05%.

Investors weighed progress in the race for a coronavirus vaccine along with ongoing discussions for the next round of stimulus. Treasury Secretary Steven Mnuchin, speaking to FOX Business, urged Democrats to pass the next round.

"My view on negotiations is you agree on the things that you can agree on, half legislation that's good for the American public, and then come back for another bill," Mnuchin told FOX Business' Maria Bartiromo.