S&P 500 closes at highest level since March 6Dow +369.04 at 24575.90, Nasdaq +190.67 at 9375.80, S&P +48.67 at 2971.48 [BRIEFING.COM] The S&P 500 gained 1.7% on Wednesday in a broad-based advance to close at its highest level since March 6. The Nasdaq Composite (+2.1%) and Russell 2000 (+3.0%) increased more than the benchmark index, while the Dow Jones Industrial Average rose 1.5%. Stocks reclaimed the prior day's losses at the open and proceeded to drift higher throughout the day. The market remained resilient with little news to meaningfully deter its bullish mindset or economic recovery hopes. All 11 S&P 500 sectors contributed to the advance. The energy sector (+3.8%) followed oil prices ($33.51, +1.21, +3.8%) higher after EIA data showed an unexpected weekly decline in crude inventories. The financials (+2.2%) and communication services (+2.7%) sectors followed suit, with the latter benefiting from a 6.0% gain in shares of Facebook ($FB 229.97, +13.09). The health care sector (+0.1%) eked out a small gain. In Washington, the Senate passed the Holding Foreign Companies Accountable Act, which requires certain foreign companies listed in the U.S. to certify that they are not owned or controlled by a foreign government. Failure to provide appropriate certification could result in de-listing. The increased scrutiny on Chinese companies pressured shares of Alibaba ($BABA 216.79, -0.41, -0.2%) and Baidu ($BIDU 108.52, -1.23, -1.1%), while the broader U.S. market was barely bothered by the bill's potential to worsen U.S.-China tensions. Shares of Target ($TGT 119.63, -3.53, -2.9%) and Lowe's ($LOW 116.99, +0.12, +0.1%) struggled throughout the session despite beating top and bottom-line estimates. TGT shares fell 3%, while LOW shares squandered an early 5% gain. Analog Devices ($ADI 114.57, +8.24, +7.8%) was an earnings standout. Separately, the FOMC Minutes from the April meeting revealed that policymakers discussed targeting yields on shorter tenors and considered changes to how forward guidance is expressed. The 2-yr yield declined two basis points to 0.16%, and the 10-yr yield declined three basis points to 0.68%. The U.S. Dollar Index declined 0.2% to 99.14. Wednesday's economic data was limited to the weekly MBA Mortgage Applications Index, which decreased 2.6% following a 0.3% increase in the prior week. Looking ahead, investors will receive the weekly Initial and Continuing Claims report, Existing Home Sales for April, the Philadelphia Fed Index for May, and the Conference Board's Leading Economic Index for April on Thursday. Nasdaq Composite +4.5% YTDS&P 500 -8.0% YTDDow Jones Industrial Average -13.9% YTDRussell 2000 -19.3% YTD Market Snapshot Dow24575.90+369.04(1.52%)Nasdaq9375.80+190.67(2.08%)SP 5002971.48+48.67(1.67%)10-yr Note +1/320.685NYSEAdv 2312 Dec 589 Vol 921.0 mlnNasdaqAdv 2558 Dec 696 Vol 4.2 bln Industry Watch Strong: Energy, Financials, Communication Services, IndustrialsWeak: Health Care, Utilities Moving the Market -- S&P 500 closes at highest level since March 6-- Broad-based advance, relative strength in energy, financials, and communication services sectors-- Little news to deter market's bullish mindset, recovery hopesStocks end higher amid re-opening optimism Stocks gained back most of the declines seen on Wall Street into the close yesterday as investor buying seemed to show a hopeful attitude about the economic restart plans that are taking hold in more and more states. The minutes from the last meeting of the Federal Reserve's FOMC had a few points of interest, but none that suggested any changes to the policy stance any time in the foreseeable future. ECONOMIC EVENTS: The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 4.9M confirmed cases of COVID-19, including over 1.5M in the U.S., and 323,723 deaths due to the disease. In New York, Governor Andrew Cuomo reported 112 virus deaths in the state yesterday versus 105 deaths the previous day. Meanwhile, the Fed sees economic activity in the second quarter declining at an "unprecedented rate," according to minutes from the latest Federal Reserve rate-setting meeting. In addition, the Fed could adopt "outcome-based forward guidance," the minutes showed. TOP NEWS: Shares of Lowe's ($LOW) were in focus after the home improvement retailer reported better than expected comparable store sales growth and gross margin performance. Part of its outperformance may be related to its Spring Black Friday sale being even more successful than usual after rival Home Depot ($HD) took a pass on its own version of the annual event. Target ($TGT) shares were 3.3% lower after its own quarterly report, which featured same-store sales that increased 10.8% compared to the same period last year. Shares of Inovio Pharmaceuticals ($INO) rose 8.4% after the company announced the publication of preclinical study data for IN0-4800, its COVID-19 DNA vaccine, demonstrating what Inovio called "robust" neutralizing antibody and T cell immune responses. However, several on Wall Street expressed the view that the data shared were not really "new news." Meanwhile, shares of Alibaba ($BABA), Baidu ($BIDU), and other Chinese companies were under pressure after the U.S. Senate passed legislation that could ban many Chinese companies from listing their shares on U.S. exchanges or raising money from American investors. "Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange," a summary of the bill reads. Additionally, theme park operators including Disney ($DIS), Comcast's ($CMCSA) Universal, and Seaworld ($SEAS) will reportedly present reopening plans to a Florida task force on Thursday. MAJOR MOVERS: Among the noteworthy gainers was Arconic ($ARNC), which rose over 14% after Credit Suisse analyst Curt Woodworth initiated coverage of the stock with an Outperform rating and $22 price target. Also higher was Kornit ($KRNT), which gained 33.8% after reporting quarterly results. Among the notable losers was Urban Outfitters ($URBN), which slid 7.8% after it reported lower than expected preliminary Q1 results, including a 28% year-over-year slide in same-store sales. Also lower after reporting quarterly results was Opera Limited ($OPRA), which fell 3.3%.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . 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