Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters

Dow Jones Industrial Average rises 275 points

The Dow surged 275.08 points, or 0.94%, to close at 29,551.42. The S&P 500 gained 0.65% to end the day at 3,379.45. The Nasdaq Composite advanced 0.90% to 9,725.96. Stocks rose as investors shrugged off persistent worries about the coronavirus and whether it will hurt the global economy.

Record highs for Dow, S&P 500

The Dow and S&P 500 hit record highs despite the number of coronavirus cases increasing. However, some investors took solace in the fact that the number of new confirmed cases has declined to its lowest level since late January. Meanwhile, strong earnings from companies such CVS Health lifted sentiment as well. "We have been saying that future stock gains would require P/E multiple expansion," said Nick Raich, CEO of The Earnings Scout. "That is exactly what is happening."

Micron and Facebook rise

Micron shares gained 3.53% after a UBS analyst upgraded them to buy from neutral. Facebook shares also contributed to Wednesday's gains, climbing 1.72%.

What happens next?