The S&P 500 and Nasdaq rose to record closing highs on Wednesday as optimism tha...
NEW YORK - The S&P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy eased concerns about the economic impact of the coronavirus epidemic.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo Stocks held gains following the release of minutes from the U.S. Federal Reserve’s last policy meeting, which showed policymakers were cautiously optimistic about their ability to hold interest rates steady this year while acknowledging new risks caused by the virus outbreak.China is widely expected to cut its benchmark lending interest rate on Thursday, which would add to measures aimed at limiting the impact from business shutdowns and travel curbs on the world’s second-largest economy.
“It sounds as though investors are breathing a sigh of relief that they believe the worst of the coronavirus is behind us,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.Apple Inc rose 1.4%, recouping most of the losses in the previous session after a surprise sales warning that highlighted concerns about the coronavirus’ impact on global supply chains.
The S&P 500 technology sector .SPLRCT also rose, ending up 1.1%. Among sectors, it was the second-biggest percentage gainer after energy .SPNY, which rose 1.3%.“There seemed to be a number of high-profile companies that were talking about coronavirus and the potential for it to impact earnings.
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