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Nasdaq opens at intraday record as stock market opens higher on hope of coronavirus treatment

U.S. stock benchmarks on Wednesday kicked off trade solidly higher, prompted partly by the reaction to reports on reports of unconfirmed reports of treatments for coronavirus. The Dow Jones Industrial Average

DIA, +1.41%

rose nearly 300 points, or 1%, at 29,091, the SP 500 index

SPX, +0.94%

climbed 0.9% to reach 3,326, while the Nasdaq Composite Index

COMP, +0.28%

advanced 100 points, or 1.1%, at 9,566.51, hitting an intraday all-time high early in the session. Researchers at Zhejiang University said they found an effective drug to treat coronavirus patients, according to a Chinese media. Meanwhile, a British team of scientists have also claimed that they shortened a part of the development time for a vaccine, according to a Sky News report.

U.S. stocks are trading higher on Wednesday, pointing to a third consecutive day of gains, as Wall Street attempts to cure a selloff that at least partly was sparked by an Asian influenza that has killed hundr and infected tens of thousands in China.

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