Stocks rallied on Wednesday as investors moved gains into some of the more coronavirus pandemic-impacted parts of the market. Encouraging recent economic data and more positive COVID-19 news has led the market towards new levels of growth. Both the S&P 500 and Nasdaq finished with fresh highs, and the Dow Jones gained over 450 points in its best rally since mid-July, closing less than 2% from its all time high.

But there are still some worrying signs that cloud long-term economic outlook; ADP's National Employment Report for August saw the addition of only 480,000 private payrolls, far below the consensus estimates for 1 million jobs. However, July's report was upwardly revised to 212,000 from the 160,000 previously reported.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.53% or +54.08 points to 3,580.73

Dow Jones Industrial Average (DIA  ): +1.58% or +453.72 points to 29,099.38

Nasdaq Composite Index (QQQ  ): +0.98% or +116.7 points to 12,056.44

For Major Stock News, Coca-Cola (KO  ) and IBM (IBM  ) shares rose, leading the Dow towards its all-time high. Tesla (TSLA  ) shares slid after its biggest outside investor trimmed its position on the electric car market, citing portfolio restrictions. AMC Entertainment (AMC  ) jumped after the movie theater chain announced that 7% of its U.S. locations will open by Friday, with about 140 additional locations reopening this week. Macy's (M  ) also popped up after its better-than-expected quarterly earnings ands its upcoming changes as it heads towards the holiday season.

For Sector Performance, most industries advanced on Wednesday's positivity, with only Energy falling -0.42%. The performance increases were as follows: Utilities +3.12%, Materials +2.28%, Real Estate +2.24%, Communication Services +2.19%, Health Care +2.09%, Consumer Staples +1.90%, Industrials +1.63%, Financials +1.50%, Consumer Discretionary +1.24% Information Technology +0.92%.

For Commodities and Currency, the U.S. Dollar (UUP  ) rebounded from two-year lows on Wednesday as U.S. economic data points towards a more accelerated recovery than previously expected. The dollar index was up 0.5%. Gold (GLD  ) fell as the dollar strengthened and investor sentiment turned more positive towards future growth. Spot gold fell 1.6% to $1,939.66 per ounce, while futures settled down 1.7% to $1,944.70 per ounce. Crude oil also slipped, reversing its prior steady course as gasoline demand fell in the U.S. International benchmark Brent Crude (BNO  ) fell 2.5% to settled at $44.43 per barrel, while West Texas Intermediate (USO  ) pushed 2.9% lower to close at $41.51 per barrel.

For Thursday, investors will focus on the Labor Department's weekly jobless claims and the latest data from the ISM non-manufacturing index that are slated to release.