Tech stocks lead market higher as post-election rally continues

• Technology stocks rebounded on Wednesday, helping lead the market higher as a post-election rally in stocks continued.
• Wednesday's move came after two days of strong value and cyclical stock outperformance following the news of successful COVID-19 vaccine results from Pfizer and BioNtech.
• But the COVID-19 pandemic isn't over, as the US hits record daily cases and sees a continued uptick in hospitalizations and deaths.
• Watch major indexes update live here.

Technology stocks staged a rebound on Wednesday, recovering from a two-day losing streak on Monday and Tuesday after news of a successful COVID-19 vaccine from Pfizer and BioNtech led to a surge in cyclical stocks.

And despite a continued rise in daily COVID-19 cases, hospitalizations, and deaths, the post-election rally in stocks continued.

The S&P 500 closed at a near record level on Wednesday, just below its September 2 high of 3,580.

Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:

• S&P 500: 3,572, up 0.76%
• Dow Jones industrial average: 29,399, down 0.07% (21 points)
• Nasdaq composite: 11,786, up 2%

Read more: Biotech execs hunting for COVID-19 vaccines and treatments have raked in more than $1 billion by selling company stock this year. Here are the 27 leaders who've cashed in the most.

Bill Ackman is one investor who is concerned about the complacency surrounding a rise in COVID-19 cases, as he is once again protecting against potential downside in the stock market by opening up hedging positions against corporate credit, according to an interview at a conference held by the Financial Times.

Ackman described the recent vaccine news as "bearish" because it could spur people to take the virus less seriously, and predicted a difficult few months before the economic recovery takes off.

But Goldman Sachs thinks there's still upside left in stocks, according to a note published on Wednesday. The firm sees the S&P 500 jumping another 11% by mid-2021 as corporate profits stage a rebound, according to the note.

Read more: A Wall Street bank breaks down why Pfizer and BioNTech's vaccine efficacy news means a faster return to normal - and shares the 16 stocks set to bounce back rapidly as soon as COVID panic recedes

In corporate news, it was revealed that the CEO of Pfizer sold $5.6 million worth of stock on Monday, the same day the company announced the positive results of its COVID-19 vaccine. The stock sale was part of a 10b5-1 plan set up earlier in the year.

Five Prime Therapeutics, a small-cap biotechnology company, soared as much as 349% on Wednesday after it announced phase 2 results of a study that showed its drug had a positive impact in fighting stomach cancer.

OPEC slashed its oil demand forecast for 2020 and 2021 as an out of control COVID-19 pandemic has put a sizable dent into air travel and economic activity in general.

Oil prices moved higher. West Texas Intermediate crude climbed 0.34%, to $41.50 per barrel. Brent crude, oil's international benchmark, jumped 0.53%, to $43.84 per barrel, at intraday highs.

Gold slid on Wednesday, falling as much as 0.76%, to $1,862 per ounce.

Read more: We just got our first evidence that a coronavirus vaccine works. Here's everything we know about the race for a vaccine and when you might be able to get a shot.