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

Stocks - Wall Street Back in Risk-On Mode at Opening

Stock Markets Feb 19, 2020 09:44AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Geoffrey Smith -- Wall Street returned to risk-on mode at the opening of trade on Wednesday, shrugging off the growth concerns triggered by Apple’s warning over the impact of the Covid-19 outbreak.

Stronger-than-expected data from the housing market in January continued to support sentiment, while the market was largely unconcerned by a sharp rise in producer prices that drove annual factory gate inflation to its highest level since May.

By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average had added 91 points, or 0.3%, to stand at 29,323 points. The S&P 500 index was up 0.4% and the Nasdaq Composite was up 0.7%.

Among the biggest gainers was, again, Tesla (NASDAQ:TSLA) stock, which rose 6.7% to a new high of $916, after analysts at Piper Sandler raised their target price to $928, citing the commercial potential of its electricity generation and storage businesses.

Apple (NASDAQ:AAPL) rose 0.6%, making good around one-third of the losses that it made on Tuesday after warning that it wouldn’t meet its revenue target of $63 to $67 billion in the first three months of this year.

Hydrogen fuel cell company Plug Power (NASDAQ:PLUG) continued to ride a wave of hot money flowing into alternative energy stocks, rising 4.6%, while Virgin Galactic (NYSE:SPCE) continued its parabolic trajectory, also fueled overwhelmingly by retail investors in search of the next big thing.

Morgan Stanley analyst Adam Jonas, who has an “overweight” rating on Virgin Galactic, cautioned in a note on Tuesday that the recent surge has been “driven by forces beyond fundamental factors.”

“We are very constructive on the Virgin Galactic story ... We just think the share price could use a breather,” Jonas wrote, maintaining his $22 price target.

Elsewhere, the dollar index rose further to a new three-month high of 99.61, while gold futures also hit a seven-year high before retreating slightly to $1,607.25 a troy ounce. U.S. crude futures, meanwhile, rose 1.2% to $52.94 a barrel.

- Reuters contributed to this report

Stocks - Wall Street Back in Risk-On Mode at Opening

Related Articles

Former Deutsche Bank co-CEO Anshu Jain dies
Former Deutsche Bank co-CEO Anshu Jain dies By Reuters - Aug 13, 2022 10

(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’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
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.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
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'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
Sign up with Email