US open: Wall Street extends record run as coronavirus worries ebb
By Alexander Bueso
Date: Wednesday 12 Feb 2020
(Sharecast News) - The Dow Jones Industrials and S&P 500 extended their record-breaking run on Weddesday amid easing concerns about the spread of the new Covid 19 coronavirus.
Overnight, in an interview with Reuters, the Chinese researcher who led the fight against SARS in 2003, Zhong Nanshan, predicted that new cases of Covid 2019 would peak in mid or late February, followed by a levelling off before decreasing and then ending "hopefully" in April.
But some traders remained wary.
"Stock market investors are relentless, their ability to see the bull in any situation rivals only that of bitcoin enthusiasts, who can, it seems, make a bullish crypto argument for any and every newsworthy event," said Oanda senior market analyst Craig Erlam.
"Yesterday saw the first deceleration in new COVID-19 cases in China, apparently a clear sign that the dawn is upon us."
Be that as it may, as of 1611 GMT, the Dow Jones Industrials was 0.73% higher at 29,491.20, alongside a gain of 0.42% on the S&P 500 to 3,371.92 while the Nasdaq Composite was advancing 0.56% to 9,693.18.
The rally in risk appetite was also making itself felt in energy markets, with West Texas Intermediate adding 2.12% to $51.02 a barrel on NYMEX.
Treasuries however were trading on the back foot, with the yield on the 10-year note rising three basis points to 1.63%.
In the background, financial markets were also digesting the surprisingly strong showings from Minnesota Senator, Amy Klobuchar, and Bernie Sanders in the New Hampshire Democratic primaries.
Investors were also eyeing a second day of semi-annual congressional testimony from Federal Reserve chairman Jerome Powell, who said on Tuesday that the Fed was "closely monitoring" the coronavirus and the impact it will have on Chinese and global economic growth.
On the corporate front, ride-hailing company Lyft was roughly 9% weaker following the release of its fourth-quarter numbers after the close on Tuesday.
Elsewhere, CVS Health Corp was flat despite posting better-than-expected fourth quarter profits per share and sales of $1.73 and $66.89bn, respectively.
Shares of Molson Coors on the other were wanted as the beer maker also topped analysts' estimates for fourth quarter EPS and revenues.
Bed, Bath & Beyond on the other hand cratered 25% after posting a 5.4% drop in like-for-like sales for December and January.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $301.86 3.81%
Caterpillar Inc. (CAT) $138.88 1.98%
Nike Inc. (NKE) $101.87 1.85%
Visa Inc. (V) $207.61 1.80%
Apple Inc. (AAPL) $323.87 1.33%
Goldman Sachs Group Inc. (GS) $239.59 1.32%
Cisco Systems Inc. (CSCO) $49.66 1.08%
3M Co. (MMM) $164.08 1.00%
International Business Machines Corporation (CDI) (IBM) $154.62 0.74%
Boeing Co. (BA) $346.73 0.67%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $83.80 -1.70%
Home Depot Inc. (HD) $239.52 -0.88%
Procter & Gamble Co. (PG) $123.08 -0.87%
United Technologies Corp. (UTX) $154.24 -0.65%
Johnson & Johnson (JNJ) $151.01 -0.65%
Pfizer Inc. (PFE) $37.88 -0.55%
Verizon Communications Inc. (VZ) $58.47 -0.37%
Travelers Company Inc. (TRV) $136.96 -0.31%
Microsoft Corp. (MSFT) $183.98 -0.25%
Dowdupont Inc. (DWDP) $30.52 0.00%
S&P 500 - Risers
Micron Technology Inc. (MU) $61.10 6.72%
Nektar Therapeutics (NKTR) $23.50 4.91%
Interpublic Group of Companies Inc. (IPG) $24.25 4.30%
Dish Network Corp. (DISH) $41.10 4.09%
Anthem Inc (ANTM) $291.36 4.09%
IQVIA Holdings Inc. (IQV) $168.20 4.02%
Humana Inc. (HUM) $371.40 3.98%
PVH Corp. (PVH) $89.50 3.88%
Unitedhealth Group Inc. (UNH) $301.86 3.81%
Centene Corp. (CNC) $66.07 3.70%
S&P 500 - Fallers
Western Union Co. (WU) $26.42 -6.43%
CME Group Inc. (CME) $205.07 -3.11%
Macerich Co (MAC) $23.52 -2.91%
Abiomed Inc. (ABMD) $170.79 -2.86%
Cerner Corp. (CERN) $78.10 -2.65%
Assurant Inc. (AIZ) $136.67 -2.11%
Becton, Dickinson & Company (BDX) $251.36 -1.97%
Martin Marietta Mtrl (MLM) $258.00 -1.81%
Everest Re Group Ltd. (RE) $286.46 -1.77%
Brighthouse Financial, Inc. (BHF) $45.79 -1.73%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $61.10 6.72%
Qurate Retail Inc. (QRTEA) $9.13 4.17%
Dish Network Corp. (DISH) $41.10 4.09%
Align Technology Inc. (ALGN) $273.56 3.44%
Mercadolibre Inc. (MELI) $674.03 3.44%
JD.com, Inc. (JD) $41.98 2.93%
Wynn Resorts Ltd. (WYNN) $135.68 2.80%
Baidu Inc. (BIDU) $137.67 2.75%
Western Digital Corp. (WDC) $70.80 2.73%
Activision Blizzard Inc. (ATVI) $62.85 2.71%
Nasdaq 100 - Fallers
Cerner Corp. (CERN) $78.10 -2.65%
Hasbro Inc (HAS) $98.44 -1.66%
Vertex Pharmaceuticals Inc. (VRTX) $243.92 -1.57%
Gilead Sciences Inc. (GILD) $66.80 -1.42%
Amgen Inc. (AMGN) $226.30 -1.16%
Hologic Inc. (HOLX) $52.85 -1.08%
Fiserv Inc. (FISV) $119.98 -0.60%
NortonLifeLock Inc. (NLOK) $20.50 -0.51%
Mondelez International Inc. (MDLZ) $58.63 -0.40%
Monster Beverage Corp (MNST) $68.97 -0.26%
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