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Stocks - S&P Soars as Virus Fears Abate

Stock MarketsFeb 04, 2020 01:13PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P rallied sharply Tuesday on easing fears about the new coronavirus' impact on global economy as China's aggressive measures to limit the economic fallout from the virus boosted sentiment.

The S&P 500 rose 2.3%, while the Nasdaq Composite gained 1.9% and the Dow Jones Industrial Average 1.6%.

For a second-straight day, China introduced stimulus measures to steady business lending and offset the economic impact from the coronavirus, which has killed more than 400 people.

Sentiment on risk was also supported by data showing that the coronavirus may not be as deadly as many feared.

The coronavirus death rate was 2.1%, lower than SARS' 9.6%, according to China’s National Health Commission.

Despite the efforts from China, Goldman Sachs estimated that the global gross domestic product growth this year could fall by 0.1-to-0.2% even if infections slows significantly in February and March.

"The near-term impact is quite large," Goldman’s chief economist Jan Hatzius said. "What happens to 2020 as a whole really depends on how quickly the episode is brought under control."

But Google-parent Alphabet (NASDAQ:GOOGL) proved an exception to rally, falling about 3%, after the tech giant reported a miss on revenue, led by weakness in its core advertising business.

Ralph Lauren (NYSE:RL) surged 12% after its topped quarterly results as price hikes for its winterwear collection boosted margins.

In the wake of easing coronavirus fears, oil prices rebounded after falling into bear-market territory a day earlier, pushing energy stocks higher.

Tesla (NASDAQ:TSLA), meanwhile, shrugged off a downgrade from New Street, rising 14% to take its gains for the year so far above 80%, underpinned by its bullish quarterly results released last week. Shares quickly raced past the $800 and are trading above $900.

Stocks - S&P Soars as Virus Fears Abate
 

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Comments (11)
charlie glass
charlie glass Feb 04, 2020 4:14PM ET
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Tomorrows headline :"Stocks - S&P Sees Greatest Drop of 2019 as Virus Fears Worsen"
Mart Bab
Rubberduck1973 Feb 04, 2020 4:00PM ET
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The secund largest economy in the world has been standing still for 2 weeks and with no clear view about how the coming weeks will go by. Yet market is were it was before the virus occurred. Are my eyes deceiving me 🙈🙈🙈
Mart Bab
Rubberduck1973 Feb 04, 2020 4:00PM ET
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This must be the way people felt before a huge bobble bursts
Mart Bab
Rubberduck1973 Feb 04, 2020 4:00PM ET
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Are the central banks going to force people back to work on Monday, are flights and transport to China all resuming on Monday, will every delivery be on time on Monday, etc etc etc. When we all wake up, a new financial crisis will be on our hands
Michael Angelo
Michael Angelo Feb 04, 2020 2:52PM ET
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Don't forget that today is big day address to the nation. Does somebody imagine the emperor speaking with a down day, not even with a Pandemic!
Atleast Max
Atleast Feb 04, 2020 2:52PM ET
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emperor has no clothes. emperor make fortunes to enrich using his position
Stephane ADAM
Stephane ADAM Feb 04, 2020 2:46PM ET
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D'ont expect the pandemic to abate. Hundreds of millions of chinese have moved during the week of lunar year.After an incubation period of 2 weeks, the number of infected people explodes, followed by deaths.Very strong impact on the chinese economy and world growth due to the slowdown in the supply chain.This is only the beginning.
Michael Angelo
Michael Angelo Feb 04, 2020 2:45PM ET
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Forgot to tell that central banks found the antidote to the virus liquidity. Something to say for the critics about China economy if is capitalist, socialist or communist. HAHAHA, lol. Correction before was "buy the dip", before some genius waist time criticizing it.
Michael Angelo
Michael Angelo Feb 04, 2020 2:40PM ET
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Trading, not investing, is the new motto. In this case the best technology that people applies is "but te dip" because is easy and counterintuitive with reality. Would like what, oversimplified "technique" applies when the market collapse, because will happen. Meanwhile we can enjoy this party. Only learn to sleep with one eye open.
Andrew carson
Andrew carson Feb 04, 2020 2:35PM ET
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brought under control it is not.
Adamo Nals
Adamo Nals Feb 04, 2020 2:34PM ET
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Was trading during both of them. These young millennial’s have no idea how deep in they are with their one minded approach to stocks go up every day forever with no corrections
Adamo Nals
Adamo Nals Feb 04, 2020 2:33PM ET
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Yes this is way past the 87 or even the 90s irrational exuberance. I’ve been saying it for months this is now out of control driven by quantitive easing. As fast as it comes up it will go down three times as fast. This is irrational exuberance times 1 million
gary leibowitz
gary leibowitz Feb 04, 2020 1:55PM ET
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Anyone remember the last irrational exuberance?  NO?  You will remember this one. More like the 87 (mistake) flash crash.
Gary Doonan
Nanood Feb 04, 2020 1:39PM ET
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Glad i was buying the dip and ignoring ridiculous media hype. Its a good day.
 
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