Dow Jones Industrial Average rises 115 points
The Dow climbed 115.84 points, or 0.40%, to 29,348.03. The S&P 500 gained 0.47% to 3,386.15. The Nasdaq Composite advanced 0.87% to 9,817.18. Worries over the coronavirus and its impact on the global economy were assuaged slightly, lifting two of the three major indexes to record highs.
Coronavirus cases grow at slowest pace since January
China’s National Health Commission on Wednesday reported an additional 1,749 cases of the coronavirus nationwide. That’s the lowest number of newly confirmed cases since late January. This slowdown in new confirmed cases lifted investor sentiment as the S&P 500 and Nasdaq hit record highs. There were also reports that China would take action to mitigate the coronavirus’ impact on its airline industry. Still, the number of cases keeps rising around the world. The virus is also likely to significantly impact the global economy at least throughout the first quarter.
Apple recovers from guidance warning, Amazon gains
Apple shares gained 1.45%, recovering from a sell-off Tuesday sparked by a revenue forecast warning from the tech giant. Amazon, meanwhile, rose 0.67% to contribute to Wednesday’s gains.
What happens next?
Domino’s Pizza, Norwegian Cruise Line and Viacom are among the companies set to report earnings on Thursday. Weekly jobless claims are also scheduled for release. Read more here.
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