Here's what happened to the stock market on Wednesday

Traders work at the New York Stock Exchange in New York, the United States, March 16, 2020.

Michael Nagle | Xinhua News Agency | Getty Images

Dow Jones Industrial Average rises 177 points

Another strong day for tech

Microsoft shares rose 2.20% while Apple gained 2.23% to hit a record. Amazon and Netflix advanced 2.70% and 1.95%, respectively. This gain in tech came as coronavirus cases in the U.S. topped 3 million. "It seems like you flip a switch when those Covid cases go up, the country takes a step back in terms of reopening the economy and all those names find high demand," said one trader.

Covid cases keep rising

Wednesday's move higher comes as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. The total number of confirmed U.S. cases now totals more than 3 million, according to Johns Hopkins University. 

What happens next?

Weekly jobless claims data are set for release Thursday morning.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source
Check Our More