Wall Street jumps as China measures soothe virus worries

Credit: Reuters Studio
Published on February 4, 2020 - Duration: 01:28s

Wall Street jumps as China measures soothe virus worries

The Nasdaq hit a record high Tuesday and the S&P 500 posted its biggest one-day gain in about six months as fears of an economic impact from the coronavirus outbreak waned after China's central bank intervened.

Fred Katayama reports.


Wall Street jumps as China measures soothe virus worries

Investors went on a shopping spree Tuesday.

The Dow gained more than 400 points.

The S&P 500 posted its biggest one-day gain in nearly six months, rising one-and-a-half percent.

And the Nasdaq closed at a record high.

Sparking the buying: intervention by China's central bank that tempered fears of the economic impact of the coronavirus outbreak.

China injected more liquidity into its banking system.

DataTrek Research co-founder, Nick Colas: SOUNDBITE: DATATREK RESEARCH CO-FOUNDER, NICK COLAS (ENGLISH) SAYING: "Investors have become comfortable on two things.

First is the Chinese response to the coronavirus is going to be adequate to contain it in the country, if not in Wuhan, the city.

And the second is that policymakers in China have obviously turned the spigots on for liquidity." Over on Wall Street, China's intervention fueled gains IN China-sensitive tech stocks, especially chip makers like Qualcomm and Nvidia.

ANOTHER BANNER SESSION FOR TESLA'S STOCK.

Shares SOARED nearly 14%.

Its partner Panasonic said its battery venture with Tesla turned profitable for the first time.

Shares of Ralph Lauren zoomed higher.

The fashion house's profit in the holiday quarter nearly tripled and easily beat analysts' expectations.

After the bell, shares of Disney rose.

Its new Disney+ streaming service pulled in many more paid subscribers than analysts had expected.

And Macy's shares rallied after it said it'll close about 125 stores within three years and cut 2,000 corporate jobs.

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