NEW YORK: Wall Street's main indexes rose on Wednesday following upbeat services industry survey and Disney's surprise quarterly profit, with sentiment aided by signs that a coronavirus fiscal relief package was imminent.
White House negotiators on Tuesday vowed to work "around the clock" with congressional Democrats to try to reach a deal on the package by the end of this week.
"The Democrats and the Republicans have to come together like The Beatles' 1969 release," said Gerald Sparrow, chief investment officer of the Sparrow Growth Fund in St. Louis, Missouri.
Walt Disney Co's shares jumped 10.5%, providing the biggest boost the S&P 500 and the Dow as revenue declines for its parks and media networks were not as bad as feared.
Drugstore operator and health insurer CVS Health Corp topped estimates for quarterly profit and raised its full-year forecast, while Humana Inc and drugmaker Regeneron Pharmaceuticals Inc also posted forecast-beating earnings.
But investors have also been concerned about signs that the US economic activity is stalling amid a surge in cases of the novel coronavirus in parts of the country.
At 11:36 a.m. ET, the Dow Jones Industrial Average was up 356.07 points, or 1.33%, at 27,184.54, the S&P 500 was up 22.35 points, or 0.68%, at 3,328.86. The Nasdaq Composite was up 37.48 points, or 0.34%, at 10,978.64.
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