Stock market live updates: Losing the comeback, Disney falls, Cramer nibbles

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The Dow has given back a large portion of its early gains and is now up just 61 points, or 0.2%, as the U.S. Food and Drug Administration said the coronavirus is on the cusp of a becoming a pandemic. The S&P 500 is up 0.2% and the Nasdaq is up 0.5%. – Stevens

Around midday, the major U.S. stock averages were trading sharply higher as they recovered some of the steep losses suffered in the previous two sessions. The Dow is up more than 300 points, or 1.2%. The S&P 500 and Nasdaq are also up more than 1% each. Those gains come after the S&P 500 had its worst two-day stretch in more than four years. —Imbert

Frank Gretz, a technical analyst at Wellington Shields, said he doesn’t think the market has reached a bottom yet and is not a believer in this morning’s rally. “I never like to see the market open higher when it’s been in a downturn. I’d rather see them hit them at the beginning and then rally in the afternoon,” Gretz said. “So I’m a little skeptical about today on that basis. I’m a little skeptical because I don’t think we’re quite to all the extremes we need in terms of making a bottom, but we’re getting there.” — Pound

Moderna surged more than 20% to hit an all-time high, after gaining 27.8% just on Tuesday. The rally came after the biotech company said it had shipped a coronavirus vaccine to U.S. government researchers for study. Moderna is hoping for a clinical trial by the end of April. The company went public on Dec. 7, 2018 at $23 per share and is up 26% from its IPO price. —Francolla, Li


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