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Stocks Climb to Records With Virus Impact Unkown: Markets Wrap

Stock MarketsFeb 06, 2020 03:06PM ET
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(Bloomberg) -- U.S. stocks continued their relentless push higher even as the economic impact from the deadly coronavirus remains murky. Treasuries were mixed and gold advanced.

The S&P 500’s four-day rally topped 3.5% as major equity benchmarks hit all-time highs on the strength of solid corporate results and signs that central banks stand ready to act if growth falters. The torrid ascent has some firms warning about a sense of euphoria taking over among investors, especially as the coronavirus epidemic continues to spread and China's economy remains virtually locked down. Treasuries erased losses and gold climbed in a sign of some demand for haven assets.

In corporate news, Boeing (NYSE:BA) spiked almost 4% after saying it fixed a software bug in its grounded plane. Twitter Inc (NYSE:TWTR). rallied after topping projections for fourth-quarter revenue. Strong results helped powered the Stoxx Europe 600 Index to a record. Japaneses equities added more than 2% as Toyota Motor Corp. reported a higher-than-expected profit.

“A lot of the moves this week have been explained by a relief rally that the coronavirus seems to be slowing somewhat, clearly there was a lot of uncertainty embedded in market behavior coming in,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “It does still have a number of question marks still out there.”

Here are some key events coming up:

  • German industrial production is due on Friday.
  • The U.S. employment report for January is set for Friday release.
  • Australia’s central bank chief speaks and takes questions at a parliamentary committee.
And these are the main moves in markets:

Stocks

  • The S&P 500 Index rose 0.3% as of 2:27 p.m. New York time.
  • The Stoxx Europe 600 Index increased 0.4%.
  • The MSCI Asia Pacific Index increased 1.8%.
  • The MSCI Emerging Market Index gained 1.3%.
Currencies

  • The Bloomberg Dollar Spot Index rose 0.1%.
  • The euro fell 0.2% to $1.0979.
  • The onshore yuan was little changed at 6.9708 per dollar.
  • The Japanese yen fell 0.1% to 109.97 per dollar.
Bonds

  • The yield on 10-year Treasuries fell one basis point to 1.65%.
  • Germany’s 10-year yield fell one basis point to -0.37%.
  • Japan’s 10-year yield rose two basis points to -0.024%.
Commodities

  • West Texas Intermediate crude rose 0.3% to $50.92 a barrel.
  • Gold futures rose 0.4% to $1,568.80 an ounce.

Stocks Climb to Records With Virus Impact Unkown: Markets Wrap
 

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Comments (2)
frank wu
frank wu Feb 06, 2020 3:43PM ET
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The coronavirus in China has made impact, and the production chain is affected.  China government attempts to control and restrain the hazards.  In this week, we see less patients are reported and more people get recovered.  The market reflects the situation slightly positive, as usual.  Does the SP500 worth what the market shows, we shall see in next few days. Long bond continues up and gold recovers from profit taking, what does this indicates? plus, inflation is coming back in all areas.
joseph win
jwin Feb 06, 2020 3:41PM ET
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What a godd amn joke
 
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