This is a breaking news update. An earlier version of the story appears below.
US stocks are broadly higher in afternoon trading Wednesday as the effort to develop and distribute vaccines to fight the virus pandemic ramps up.
The gains put the market back on positive footing following a modest pullback on Tuesday. Britain has authorized the use of a COVID-19 vaccine developed by AstraZeneca and Oxford University. The vaccine is considered easier to store and handle than others hitting the market. Earlier in December, both the U.K. and US approved a vaccine made by Pfizer.
Meanwhile, vaccine development continues around the globe, with Chinaâ€™s Sinopharm becoming the latest to release encouraging study results.
The S&P 500 was up 0.2 percent as of 2:18 p.m. Eastern and hovering around a record high set on Monday. Companies that rely on consumer spending, industrial and technology stocks drove much of the gains. Roughly 72 percent of stocks in the index rose.
The Dow Jones Industrial Average rose 86 points, or 0.3 percent, to 30,421. The Nasdaq composite was up 0.3 percent.
Small-company stocks again outpaced their larger rivals as the Russell 2000 gained 1.2 percent. Thatâ€™s a sign that investors are feeling more optimistic about the economy.
Stocks have been mostly grinding higher in recent weeks, with indexes setting new highs, amid optimism that coronavirus vaccinations will pave the way in coming months for the economy to escape from the pandemicâ€™s grip. Ahead of the final day of trading in 2020, the S&P 500 is up 15.5 percent this year, while the Nasdaq is up 43.6 percent.
Investors are optimistic about more vaccines gaining approval and reaching the market in coming weeks, though the potential for logistics problems remains, said Ryan Detrick, chief market strategist for LPL Financial.
â€œThe hiccups are the actual rollout,â€ he said. â€œApproving them is one thing, but getting them out and into peopleâ€™s arms is another thing.â€
Treasury yields were mixed. The yield on the 10-year Treasury held steady at 0.93 percent.
Stock markets in Europe closed lower after European Union officials and British lawmakers approved a separation deal that will govern trade and other relations after the year ends. The U.K. left the EU almost a year ago, but remained within the blocâ€™s economic embrace during a transition period that ends this year.
Britainâ€™s FTSE 100 fell 0.7 percent and Germanyâ€™s DAX slipped 0.3 percent. The CAC 40 in Paris dropped 0.2 percent.
Markets in Asia closed mostly higher, though Japanâ€™s Nikkei fell 0.5 percent as the Tokyo exchange marked the end of trading for the year.
Traders in cryptocurrencies continued to push up the price of bitcoin, which has more than doubled the past three months. It was up 8.1 percent to $28,829, according to the tracking site CoinDesk. Bitcoin futures on the Chicago Mercantile Exchange were up 6.9 percent to $29,085. The futures allow investors to make bets on the future price of the digital currency.
Trading volume on Wall Street has been thin in the final week of 2020. The market will be closed for New Yearâ€™s Day Friday.