NEW YORK: The Dow and the S&P 500 inched higher on Wednesday as Boeing rose after it won US approval to resume flights of its 737 MAX jet, while growing optimism that a working vaccine was within reach also lifted the mood.

The planemaker advanced 1% as it geared up to resume deliveries of the best-selling jet again after a 20-month grounding following two fatal crashes.

The news also lifted the S&P 1500 airlines index 3.5%, with American Airlines rising 4.3% and Southwest Airlines adding 3% as the carriers laid out plans to fly the aircraft again.

Earlier in the day, Pfizer Inc said it would apply for emergency US authorization of its COVID-19 vaccine within days and disclosed final results from a late-stage trial that showed it was 95% effective. The drugmaker’s shares rose 1.7%.

At 11:54 a.m. ET, the Dow Jones Industrial Average rose 79.53 points, or 0.27%, to 29,862.88, the S&P 500 gained 5.49 points, or 0.15%, to 3,615.02 and the Nasdaq Composite gained 12.90 points, or 0.11%, to 11,912.24.—Reuters