Here's what happened to the stock market on Wednesday

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New York Stock Exchange (NYSE) building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.

Tayfun Coskun | Anadolu Agency | Getty Images

Dow Jones Industrial Average rises 553 points

‘A rotation we should get used to’

Stocks such as Gap, JPMorgan Chase and Citigroup all benefited from the rotation into potential reopening winners while the names that rose amid stricter stay-at-home measures declined. “This is a rotation that we should get used to,” says one strategist. “It’s not necessarily index positive when that mean reversion happens, but it’s certainly much better to have this rally broaden out.”

Amazon falls while banks rally

Amazon shares fell 0.47%. The SPDR S&P Bank ETF gained about 7% and was on pace for its biggest one-week gain since April.

What happens next?

Weekly jobless claims data are set for release Thursday, along with the latest durable goods orders.

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