Stocks surge, putting S&P in striking distance of record

Stock markets surged Wednesday morning, putting the S&P 500 within striking distance of its pre-pandemic record of 3,386 in February.

The S&P 500 opened at 3,365, up 32 points, or 1 percent, while the Dow Jones Industrial Average climbed 278 points (1 percent).

The upswing followed a Tuesday decline, the first in seven days of trading, as markets look toward a possible coronavirus vaccine.

On Tuesday, President Trump said the U.S. government would purchase 100 million doses of an experimental vaccine from Moderna, adding to the list of potential vaccines that could be ready to roll out if trials show positive results.

Markets seemed less perturbed by the stalemate in stimulus talks, during which $600 in additional weekly unemployment benefits expired for over 31 million Americans.

Negotiations over a solution have been on hold since Friday. Trump signed a series of executive orders in an attempt to fill the void and raise pressure on Democratic negotiators, but critics say the measures are no substitute for legislation during an emergency.