Dow and S&P 500 Set Records as White House Returns to Stimulus Talks

Stocks turned mixed Wednesday after getting an early boost from a surprise $916 billion coronavirus relief proposal from the White House.

The Dow Jones Industrial Average rose 10 points, or 0.03%, to 30,184, the S&P 500 declined 0.04% and the Nasdaq was down 0.31%.

The Dow and S&P 500 set all-time intraday highs earlier in Wednesday’s session.

Treasury Secretary Steven Mnuchin pitched the stimulus plan to House Speaker Nancy Pelosi in a telephone call on Tuesday afternoon. The White House largely has been absent from aid negotiations since Election Day, leaving Senate Majority Leader Mitch McConnell to lead the discussions.

McConnell and House Republican leader Kevin McCarthy both have put their support behind Mnuchin’s offer. But Pelosi and Senate Democratic leader Chuck Schumer, while noting the White House proposal marked “progress,” said not including supplementary jobless benefits in the package was “unacceptable.”

Stocks ended higher Tuesday, with the Nasdaq and S&P 500 closing at records, as Wall Street weighed prospects for a stimulus plan and the world witnessed a woman get the first inoculation with Pfizer’s  (PFE) – Get Report Covid-19 vaccine.

The Food and Drug Administration on Tuesday issued a positive initial review of the Covid-19 vaccine developed by Pfizer and Germany’s BioNTech  (BNTX) – Get Report. The FDA will meet Thursday to determine whether to approve emergency use authorization for the vaccine.

Pfizer shares traded lower Wednesday, as did fellow vaccine maker Moderna  (MRNA) – Get Report, which established an agreement with Roche for antibody tests.

The U.S. death toll from Covid-19, the disease caused by the coronavirus, has risen to 286,319, the most in the world, according to Johns Hopkins University. New infections per day have eclipsed 200,000 on average for the first time on record, the Associated Press reported.

The initial public offering for DoorDash, the biggest U.S. food delivery company, was priced at $102 a share, above an already raised range.

San Francisco-based DoorDash sold 33 million shares, raising $3.37 billion. The $102 price was higher than the marketing range of between $90 to $95 a share.

Shares of DoorDash are expected to begin trading Wednesday on the New York Stock Exchange under the symbol ” (DASH) – Get Report.”