CLOSE

Pfizer and BioNTech released early study results indicating that their vaccine prevented more than 90% of infections with the virus that causes COVID-19.

USA TODAY

U.S. stocks drifted mostly higher Wednesday, closing near all-time highs on a rebound in technology stocks as signs of a COVID-19 vaccine sparked hopes of a quicker-than-expected economic recovery.

Still, an early rally on Wall Street lost steam by the closing bell, leaving major indexes mixed. The Dow Jones industrial average had earlier looked like it could close at record highs, but new restrictions in New York and California helped deflate the market’s gains. The blue-chip average fell 23.29 points, or 0.1%, to 29,397.63.

The Dow declined shortly after news crossed that New York would put restrictions on bars, restaurants and gyms as COVID-19 infections rose in the state.

The S&P 500, meanwhile, climbed 0.8% to 3,572.66, thanks largely to gains in big technology