Continued investor optimism about an economic recovery sent U.S. stocks climbing Wednesday.
The Dow Jones industrial average rose 533 points, or 2%, closing above 25,000 for the first time since March, when the economic fallout from the coronavirus pandemic began to be felt. The S&P 500 and Nasdaq indexes were both 1% higher.
Wednesday's gains were led by bank shares — one sign that investors feel confident about an economic rebound. But the price of shares in companies that thrive when people are locked down in their homes, including Zoom and Amazon, fell.
Major European indexes were also up Wednesday — London and Frankfurt by 1%, and Paris 2% higher.
But Asian markets were mixed over concern about China’s new security law for Hong Kong, which Chinese lawmakers are expected to rubber-stamp on Thursday.
Hong Kong and Shanghai markets were both down a fraction, while Japan’s Nikkei index was up nearly 1%.