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What happened to the stock market Wednesday: Wall Street mounts reopening bets

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The Dow jumped 369.04 points, or 1.52%, to 24,575.90. The S&P 500 advanced 1.67% to 2,971.61. The Nasdaq Composite closed 2.08 higher at 9,375.78. Traders mounted bets on the economy recovering as more states ease stay-at-home orders.

More states reopening

Connecticut began allowing consumers to dine in at restaurants with outdoor seating on Wednesday, and some shops also began reopening. That move came a day after New York Gov. Andrew Cuomo said the outbreak is back down to where it started. "The next three to six weeks are likely to be important for the financial markets as a majority of states are in the process of reopening their economies to varying degrees," said Scott Wren of Wells Fargo Investment Institute.

Amazon and Facebook hit records, 'reopening' stocks rise

Amazon rose 1.98% to hit an all-time high to lead the market higher. Facebook gained 6.04% and reach record levels as well. Stocks that would benefit from the economy reopening also advanced Wednesday. MGM Resorts closed 8.84% higher while United Airlines rose 5.19%.

What happens next?

Data on weekly jobless claims and monthly existing home sales are set for release Thursday morning.

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