Stocks traded higher throughout most of Wednesday's session, with both the S&P 500 and Nasdaq starting the third quarter off with gains. Market participants were encouraged by positive economic data and promising early clinical trial results from Pfizer (PFE  ) and BioNTech's (BNTX  ) potential coronavirus vaccine. The heightened market sentiment was just enough to outweigh the return of some coronavirus social restrictions in states across the country.

The ISM U.S. Purchasing Managers Index for June rose to 52.6% from May's reading of 43.1%, indicating expansion in the overall economy for the second straight month after April's contraction. ISM Chair Timothy R. Fiore stated: "As predicted, the growth cycle has returned after three straight months of COVID-19 disruptions. Demand, consumption and inputs are reaching parity and are positioned for a demand-driven expansion cycle as we enter the second half of the year."

ADP's National Employment Report for the Private Sector released on Wednesday totaled the addition of about 2.37 million jobs across an array of business sectors in June. Although the reading was a monthly gain, it was below consensus expectations.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +0.50% or +15.58 points tp 3,115.87

Dow Jones Industrial Average (DIA  ): -0.30% or -77.91 points to 25,734.97

Nasdaq Composite Index (QQQ  ): +0.95%or +95.86 points to 10,154.63

In Major Stock News, stay-at-home tech giants Amazon (AMZN  ) and Netflix (NFLX  ) surged during Wednesday's session as more states pause their phased re-opening strategies. FedEx (FDX  ) also soared after its quarterly earnings saw a major boost from pandemic-driven deliveries. Major airlines--American (AAL  ), Delta (DAL  ), Southwest (LUV  ), and United (UAL  )--all gained after United announced that it will be added 25,000 flights to its August schedule. Beyond Meat (BYND  ) skyrocketed following a deal with Alibaba (BABA  ) to sell its plant-based burgers in the Chinese tech company's Freshippo super markets.

In Stock Sector News, industries mostly maintained their upward momentum, with only three lagging behind at the end of Wednesday's session. The few that saw performance losses were Energy -2.49%, Financials -1.03% and Industrials -0.48%. The rest that closed with gains include the following: Real Estate +2.57%, Utilities +2.29%, Communication Services +2.23%, Consumer Discretionary +1.76%, Health Care +0.71%, Materials +0.19%, Information Technology +0.10% and Consumer Staples +0.05%.

In Commodity and Currency News, crude oil prices slightly gained on Wednesday due to positive manufacturing data. Price increases for West Texas Intermediate (USO  ) and Brent Crude (BNO  ) only climbed about 1%, only tempered by the enduring coronavirus outbreak in the United States. Barrel prices settled just under $40 and $42 per barrel, respectively. Also in response to the positive economic data, Gold (GLD  ) prices dropped from their recent peak, with futures down about 1% to price at $1,779 per ounce. Finally, the U.S. Dollar slipped during its trading session as investors move more money into riskier bets.

As the market enters its final trading day of the shorted week, all eyes will be on the U.S. Labor Department's latest weekly jobs report that is scheduled to be released Thursday morning.