Stock market sees first back-to-back gains in five weeks

Stocks closed higher on Wall Street on 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%, to 2,475, after being up 5.1% earlier on hopes the package would be passed soon.

The Dow Jones industrial average increased 495 points, or 2.4%, to 21,200. The Nasdaq ticked down 33 points, to 7,384.

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.

This story will be updated.

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