There are 10.4 million cases of the virus worldwide, with over 511,000 deaths.
The U.S. has 2.6 million cases and 127,000 deaths.
On Tuesday, the U.S. reported 47,000 across the U.S., which beats previous records. This is the fourth time in a week that the U.S. has posted a new record for a single day.
Driving the market positivity on Wednesday was Pfizer, which announced results on a vaccine candidate.
Pfizer and BioNTech said they now plan to test the most promising of its four vaccine candidates on up to 30,000 participants in trials set for the U.S. and Europe.
No serious adverse effects were reported in the study, Pfizer said, but the drugmaker noted the treatment hasn't been cleared for broader use by health authorities.
If regulators ultimately approve the drug, the two companies plan to manufacture up to 100 million doses by the end of the year, and "at least" another 1.2 billion by the end of 2021, Pfizer said.
U.S. private payrolls also rose by 2.369 million in June, slightly lower than economists' estimates of 2.5 million. The employment data from ADP are a precursor to the official U.S. jobs report, which will be released Thursday ahead of the long Independence Day weekend.
Stocks on Tuesday finished their best quarter since 1998 with solid gains following a steep decline in the first quarter after the coronavirus pandemic caused the U.S. economy to tumble.
What’s Jim Cramer watching? Cramer said the data shows today as the "most positive day of the year." His advice? Do some shopping for stocks.