Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500, Nasdaq hit record closing highs, lifted by China stimulus hopes

Stock Markets Feb 19, 2020 04:42PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City

By Caroline Valetkevitch

NEW YORK (Reuters) - 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.

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.

The number of new coronavirus cases dropped for a second straight day in China.

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.

"Investors are feeling emboldened because central banks have got their back," he added.

Apple Inc (O:AAPL) 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%.

Oil prices overall gained 2% on the back of slowing coronavirus cases.

"There seemed to be a number of high-profile companies that were talking about coronavirus and the potential for it to impact earnings. Today, investors are perhaps looking at markets with more thoughtfulness, recognizing (there's) policy support and some good news coming from the infection rates," said Kristina Hooper, chief global market strategist at Invesco in New York.

The Dow Jones Industrial Average (DJI) rose 115.84 points, or 0.4%, to 29,348.03, the S&P 500 (SPX) gained 15.86 points, or 0.47%, to 3,386.15 and the Nasdaq Composite (IXIC) added 84.44 points, or 0.87%, to 9,817.18.

Also helping the technology sector was a 6.1% gain in chipmaker Nvidia Corp (O:NVDA) after Bernstein raised its shares to "outperform."

Among other stocks, Garmin Ltd (O:GRMN) jumped 6.7% after the wearable fitness device maker forecast full-year revenue above analysts' estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

The S&P 500 posted 77 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 169 new highs and 57 new lows.

Volume on U.S. exchanges was 7.22 billion shares, compared to the 7.57 billion average for the full session over the last 20 trading days.

S&P 500, Nasdaq hit record closing highs, lifted by China stimulus hopes
 

Related Articles

Former Deutsche Bank co-CEO Anshu Jain dies
Former Deutsche Bank co-CEO Anshu Jain dies By Reuters - Aug 13, 2022 2

(Reuters) -Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (NYSE:DB) take on the largest Wall Street firms, died overnight on Saturday...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (20)
Atilla Samaletdin
Atilla Samaletdin Feb 21, 2020 3:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bry Trader
Bry Trader Feb 19, 2020 4:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This *****was supposed to tank in december at a key level only for Trump and his bestie throw another trick: WE MAYD A DEEL WIT CHEYENA!!!!! Greed is unsurpassed here. Go ahead, push it to 4000. Your recession will only be worse. Who in history has EVER prevented a recession. To do that is to CONTROL PEOPLES EMOTIONS AND MINDS. Let's not forget some have neither lol
James Marshall
James Marshall Feb 19, 2020 3:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
not on hopes...on a $100+ billion injection from the FED today. not including the 200 yesterday and the overnight lending which is not disclosed.
Eric Haley
Trend_Seeker Feb 19, 2020 3:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You told them! Take that virus! We have money!!! Money vs virus = we win! You guys are genius. I tell you what!
Johnny Crash
Johnny Crash Feb 19, 2020 3:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lol, betting on stimulus while companies are shutdown and the economy is crashing. What a wise choice
Kim McVicar
Kim McVicar Feb 19, 2020 2:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sure is a whole lot of hope and no delivery lol
Ron Warren
Ron Warren Feb 19, 2020 2:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump and his Fed will go down on history as the ones who decimated the world economy on his way out the door!
Monkwe Tsholetsane
MATK Feb 19, 2020 1:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A case of “don’t put all you Apples in one basket”
Andrew carson
Andrew carson Feb 19, 2020 11:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1999
James Marshall
James Marshall Feb 19, 2020 9:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
or $300+ billion from yesterday and today from the FED injections
Montakan Bunrueng
Montakan Bunrueng Feb 19, 2020 9:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
❤❤
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email