NEW YORK (AP) – Stocks are closing higher on Wall Street Wednesday but gave up much of an afternoon rally after CNBC reported that a dispute between Sen. Bernie Sanders and Republicans over unemployment aid could cause the coronavirus aid bill to be delayed.
The S&P 500 rose 1.2% after being up 5.1% earlier on hopes the package would be passed soon. It was the first back-to-back gain since the outbreak set off a brutal sell-off five weeks ago.
The market is down by about a quarter from its record high set last month. Investors expect markets to remain volatile until the number of new cases peaks.