US close: Markets finish higher as coronavirus fears wane
By Josh White
Date: Thursday 13 Feb 2020
(Sharecast News) - US markets finished in the green on Wednesday, as concerns around the ongoing coronavirus outbreak took a back seat.
The Dow Jones Industrial Average closed up 0.94% at 29,551.42, the S&P 500 added 0.65% to 3,379.45, and the Nasdaq Composite was 0.9% firmer at 9,725.96.
Overnight in an interview with Reuters, Chinese researcher Zhong Nanshan, who led the fight against SARS in 2003, predicted that new cases of the Covid-19 strain of coronavirus would peak in mid or late February, followed by a levelling off before decreasing and then ending "hopefully" in April.
Some traders, however, 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."
The rally in risk appetite was also making itself felt in energy markets, with West Texas Intermediate rising 3.5% to last trade at $51.75 per barrel.
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 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 10.16% weaker following the release of its fourth-quarter numbers after the close on Tuesday.
Pharmacy operator CVS Health was off 0.14% despite posting better-than-expected fourth quarter profits per share and sales of $1.73 and $66.89bn, respectively.
Brewing giant Molson Coors reversed earlier gains to fall 4.39%, after the beer maker topped analysts' estimates for fourth quarter earnings per share and revenues.
Bed Bath & Beyond cratered 20.61% after posting a 5.4% drop in like-for-like sales for December and January.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $303.48 4.36%
Nike Inc. (NKE) $103.00 2.98%
Walgreens Boots Alliance, Inc. (WBA) $54.47 2.79%
Caterpillar Inc. (CAT) $139.59 2.50%
Apple Inc. (AAPL) $327.20 2.37%
Visa Inc. (V) $207.44 1.72%
Cisco Systems Inc. (CSCO) $49.93 1.63%
Exxon Mobil Corp. (XOM) $61.27 1.22%
International Business Machines Corporation (CDI) (IBM) $155.32 1.19%
Goldman Sachs Group Inc. (GS) $238.65 0.93%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $83.25 -2.35%
Travelers Company Inc. (TRV) $135.71 -1.22%
Pfizer Inc. (PFE) $37.74 -0.92%
Verizon Communications Inc. (VZ) $58.23 -0.78%
Johnson & Johnson (JNJ) $151.12 -0.59%
Procter & Gamble Co. (PG) $123.45 -0.57%
Coca-Cola Co. (KO) $59.40 -0.30%
United Technologies Corp. (UTX) $155.18 -0.05%
Home Depot Inc. (HD) $241.59 -0.02%
Dowdupont Inc. (DWDP) $30.52 0.00%
S&P 500 - Risers
Interpublic Group of Companies Inc. (IPG) $24.98 7.44%
Anthem Inc (ANTM) $296.00 5.75%
Fluor Corp. (FLR) $19.96 5.05%
Nektar Therapeutics (NKTR) $23.48 4.80%
Gap Inc. (GPS) $18.46 4.71%
Humana Inc. (HUM) $373.86 4.67%
Hess Corp. (HES) $58.77 4.65%
Ipg Photonics Corp. (IPGP) $147.07 4.49%
Unitedhealth Group Inc. (UNH) $303.48 4.36%
Centene Corp. (CNC) $66.49 4.36%
S&P 500 - Fallers
Western Union Co. (WU) $26.13 -7.47%
Abiomed Inc. (ABMD) $166.94 -5.05%
Cerner Corp. (CERN) $76.68 -4.42%
Molson Coors Beverage Co. Class B (TAP) $55.50 -4.39%
Macerich Co (MAC) $23.24 -4.09%
Merck & Co. Inc. (MRK) $83.25 -2.35%
Vertex Pharmaceuticals Inc. (VRTX) $242.21 -2.26%
Franklin Resources Inc. (BEN) $24.61 -2.19%
Assurant Inc. (AIZ) $136.69 -2.09%
Medtronic Plc (MDT) $116.49 -2.07%
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $699.82 7.40%
Wynn Resorts Ltd. (WYNN) $136.82 3.66%
Micron Technology Inc. (MU) $59.27 3.53%
Align Technology Inc. (ALGN) $273.61 3.46%
Skyworks Solutions Inc. (SWKS) $123.05 3.26%
Qurate Retail Inc. (QRTEA) $9.03 3.08%
Walgreens Boots Alliance, Inc. (WBA) $54.47 2.79%
Lam Research Corp. (LRCX) $334.62 2.75%
Comcast Corp. (CMCSA) $46.02 2.75%
Booking Holdings Inc. (BKNG) $1,960.36 2.67%
Nasdaq 100 - Fallers
Cerner Corp. (CERN) $76.68 -4.42%
Vertex Pharmaceuticals Inc. (VRTX) $242.21 -2.26%
Hasbro Inc (HAS) $98.20 -1.90%
Hologic Inc. (HOLX) $52.60 -1.55%
Fiserv Inc. (FISV) $119.14 -1.30%
Gilead Sciences Inc. (GILD) $66.95 -1.20%
Illumina Inc. (ILMN) $293.36 -0.92%
Tesla Inc (TSLA) $767.29 -0.92%
Amgen Inc. (AMGN) $227.00 -0.86%
Mylan Inc. (MYL) $22.16 -0.85%
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