Stocks rose slightly on Wednesday following a sharp downturn in the previous session as investors weighed the latest U.S. coronavirus data and its impact on the economic recovery.
The Dow Jones Industrial Average gained 100 points, or 0.4%. The S&P 500 climbed 0.5% while the Nasdaq Composite advanced 0.8%.
Shares of major tech companies such as Apple and Microsoft gained 1.1% and 0.8%, respectively. Netflix and Alphabet both climbed at least 0.5%.
However, those gains were slightly offset by broad losses within names that would benefit from the U.S. economy reopening. United and American Airlines each traded more than 2% lower. Delta and Southwest fell 1.3% and 0.8%, respectively.
"The COVID numbers in the US remain troubling and this is beginning to create economic headwinds," said Adam Crisafulli, founder of Vital Knowledge, in a note.
The U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. That latest surge brought the total number of confirmed U.S. cases to nearly 3 million, according to Johns Hopkins University.
Coronavirus-related deaths have risen to more than 131,000 in the U.S., according to Hopkins.
White House economic advisor Larry Kudlow tried to assuage concerns over the virus' impact on the economy, telling CNBC's "Squawk Box" the data indicates a sharp recovery.
"No one's denied we've had a huge jump in cases in certain hot spots," Kudlow said Wednesday. However, "one cannot rule out: There's a lot of scenarios here. We really don't have any real experience in econometrics modeling for this type of things. Because so much is generated by the virus. At the moment, we've created 8 million new jobs the last couple of months. ... Virtually every piece of data shows a V-shaped recovery."
On Tuesday, the S&P 500 and Nasdaq snapped a five-day winning streak, while the Dow slid nearly 400 points.
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July 08, 2020 at 07:38PM
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Dow rises 100 points as Apple and Microsoft lead tech gains - CNBC
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