US stocks rise in afternoon trading as 2020 winds down to a close

U.S. 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 U.S. approved a vaccine made by Pfizer.

Meanwhile, vaccine development continues around the globe, with

China’s Sinopharm becoming the latest to release encouraging study results.

The S&P 500 was up 0.2% 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% of stocks in the index rose.

The Dow Jones Industrial Average rose 86 points, or 0.3%, to 30,421. The Nasdaq composite was up 0.3%.

Small-company stocks again outpaced their larger rivals as the Russell 2000 gained 1.2%. That’s a sign that investors are feeling more optimistic about the economy.