Dow jumps 420 points to a record close in another intraday reversal, recovery plays lead rally; European markets close higher as investors digest Fed outlook, German data 
The stock market staged another big intraday comeback on Wednesday as investors continued to piled into names sensitive to an economic comeback, while looking past the risk of inflation and rising interest rates. The Dow Jones Industrial Average reversed a 110-point loss and climbed 430 points, powered by the strong performance in energy, industrials and financials. Boeing jumped 7.4%, while Chevron climbed 4%. Goldman Sachs, American Express and Caterpillar rose more than 2% each. The S&P 500 advanced 1.1%. 
Tesla shares were 4.6% higher after Ark Invest’s Cathie Wood bought a ton more of her biggest holding during Tuesday’s selling. Wood bought more than $120 million worth of Tesla shares for the flagship Ark Innovation ETF, according to the firm’s website. 
On Wednesday, the Food and Drug Administration’s staff endorsed Johnson & Johnson’s single-shot Covid-19 vaccine for emergency use, bringing in a third vaccine to the U.S.

European stocks closed mostly higher on Wednesday as markets digested remarks from U.S. Federal Reserve Chair Jerome Powell and promising German data. The pan-European Stoxx 600 provisionally closed up by about 0.5%, with travel and leisure shares adding 1.9% to lead gains as most sectors and major bourses entered positive territory. 
Lloyds posted a full-year pretax profit of £1.2 billion pounds ($1.70 billion), much lower than the £4.4 billion in 2019, but surpassing analyst expectations of £905 million. Shares of the U.K. lender were marginally higher by the market close. 
Telecom Italia shares jumped 9% after forecasting a stabilization of profits and sales, while travel-sensitive stocks Tui, Carnival and Dufry climbed 12.8%, 10.5% and 7.5%, respectively. 
German sportswear brand Puma fell 2.1% after warning of a heavy hit to its short-term profit outlook as a result of pandemic-induced lockdowns. 
Source: CNBC