Dow Jumps Over 100 Points as Market Sentiment Improves
The Dow Jones index surged more than 100 points on Wednesday as investors' sentiment improved. The CNN Money Fear and Greed Index showed a slight increase in market sentiment, but still lingered in the 'Greed' zone with a reading of 56.
The Treasury's decision to double its long-dated debt buybacks helped pull benchmark yields off 20-month highs. This move had a positive impact on the overall market, with most sectors closing higher on the day.
The health care, consumer discretionary, and materials stocks recorded significant gains on Wednesday. However, industrials and information technology stocks bucked the trend, closing lower than their peers. Moderna Inc's shares skyrocketed 177% after the company announced positive topline results from a Phase 3 trial.