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Here’s what happened to the stock market on Wednesday

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Traders work at the New York Stock Exchange in New York, the United States, March 16, 2020.

Michael Nagle | Xinhua News Agency | Getty Images

Dow Jones Industrial Average rises 177 points

Another strong day for tech

Microsoft shares rose 2.20% while Apple gained 2.23% to hit a record. Amazon and Netflix advanced 2.70% and 1.95%, respectively. This gain in tech came as coronavirus cases in the U.S. topped 3 million. “It seems like you flip a switch when those Covid cases go up, the country takes a step back in terms of reopening the economy and all those names find high demand,” said one trader.

Covid cases keep rising

Wednesday’s move higher comes as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. The total number of confirmed U.S. cases now totals more than 3 million, according to Johns Hopkins University

What happens next?

Weekly jobless claims data are set for release Thursday morning.

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