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China Optimism Lifts Nasdaq, S&P 500 to Record Closing Peaks

The S&P 500 and Nasdaq hit record closing peaks Wednesday as certainty that China would take more steps to prop up its economy eased concerns in regards to the economic influence of the coronavirus outbreak.China Optimism Lifts Nasdaq, S&P 500 to Record Closing Peaks

Shares held gains following the discharge of minutes from the U.S. Federal Reserve’s last policy meeting, which confirmed policymakers had been cautiously optimistic about their ability to hold rates of interest steady this year while acknowledging new risks brought on by the coronavirus epidemic.

The number of new coronavirus instances fell for the second day in China.

China is widely expected to pare its benchmark lending rate of interest on Thursday, which would add to measures geared toward limiting the impact from company shutdowns and travel suspensions on the world’s second-largest economy.

Apple surged 1.4%, recovering most of the losses within the earlier session after a surprise sales warning that marked issues about the coronavirus’s impact on world supply chains.

The S&P 500 technology sector climbed, ending up 1.1%. Among industries, it was the second-greatest percentage gainer after energy, which hiked 1.3%.

The Dow Jones Industrial Average soared 115.84 points, i.e., 0.4%, to 29,348.03, the S&P 500 gained 15.86 points, or 0.47%, to 3,386.15 and the Nasdaq Composite gained 84.44 points, i.e., 0.87%, to 9,817.18.

Among other shares, Garmin rose 6.7% after the wearable fitness machine maker estimate full-year income above analysts’ predictions.

Rising issues outnumbered falling ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio promoted advancers.

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