US stocks gain on positive vaccine-trial data, blockbuster Goldman earnings

• US stocks rose on Wednesday after the drugmaker Moderna announced that participants in an early trial of its coronavirus vaccine candidate developed antibodies.
• Major indexes were also lifted by strong quarterly earnings from Goldman Sachs that handily beat analysts' profit estimates.
• The so-called reopening trade gained, while oil climbed ahead of a key meeting of OPEC and its allies.
• Read more on Business Insider.

US stocks rose on Wednesday following positive news about a coronavirus vaccine from Moderna and a blockbuster earnings report from Goldman Sachs.

Moderna announced that participants in an early trial of its vaccine candidate developed antibodies; shares surged as much as 18% on the news. The so-called reopening trade also gained amid surging optimism, with airlines, cruise lines, and retailers climbing.

Meanwhile, Goldman Sachs handily beat Wall Street earnings estimates, driven by strong results in the trading and investment-banking divisions. Shares rose more than 5% before paring some gains.

Here's where US indexes stood at 12:00 p.m. ET on Wednesday:

• S&P 500: 3,211.00, up 5%
• Dow Jones industrial average: 26,789.67, up 0.6% (150 points)
• Nasdaq composite: 10,445.66, down 0.4%

Read more: BANK OF AMERICA: Buy these 7 pharma stocks now as they race to develop COVID-19 treatments and vaccines

"It goes without saying that a vaccine will be the gamechanger in the pandemic, the thing that will allow life to return to normal and businesses and households to thrive once again," said Craig Erlam, a senior market analyst at Oanda. "So it's hardly surprising that investors get a little excited when the results of these trials emerge, even those in the early stages."

Technology stocks slumped, dragging the Nasdaq lower around midday. Shares of Facebook, Amazon, Apple, Netflix, and Google parent Alphabet — the so-called FAANG stocks— all slid. Amazon, which fell more than 3%, and Netflix, which slid nearly 3%, were the largest declines of the group.

Still, coronavirus cases continue to climb in the US, threatening to derail the economic recovery as states are forced to pause or roll back reopening plans.

Read more: Big investors say tech stocks are in demand like never before — and Bank of America is recommending these 3 trades for the best protection against a collapse

On Tuesday, the US reported more than 67,400 new COVID-19 cases, another record. Nearly half came from Texas, California, and Florida. Total US cases surged to more than 3.3 million.

Oil rose ahead of a key meeting of OPEC and its allies where producers are expected to recommend rolling back the historic output cuts. West Texas Intermediate crude rose as much as 1.8%, to $41 per barrel. Brent crude, the international benchmark, gained 1.8%, to $43.59 per barrel, at intraday highs.

Read more: BANK OF AMERICA: Buy these 14 stocks that are likely winners in the pandemic — and will benefit from the biggest trends that will define the future