On Tuesday, the 4th of February 2020, despite worries over a coronavirus outbreak in China that appears to be getting bolstered as the days are passing by and the death toll seems to be on a giant leapfrog reaching 450 as of Tuesday (February 4th) with more than 20,000 people infected and being treated on isolation, Wall St.
had wiped away demand concerns related to the epidemic following China’s Central Bank’s intervention as the tech-heavy Nasdaq composite mounted to another record-closing high and the benchmark Standard & Poor had scored its largest intra-day gain in more than six months.
Apart from an affluent rally of the benchmark S&P 500, the Dow had also celebrated its largest intra-day bounty in more than five months, while the US stocks appeared to be paring prior losses witnessed last week. Meanwhile, adding that the market was looking beyond the coronavirus concerns following China’s prudential financial measures, a chief investment strategist with Ally Invest, Lindsey Bell said on Tuesday’s (February 4th) Wall St.
closing bell, “What history has shown us is anytime there is any sort of epidemic or some global threat from a virus standpoint, what we have seen is that the market will bottom….Everybody is just looking past that, even though the market didn’t move that much lower on the news, at least here in the U.S.
” Citing statistics, on Tuesday’s (February 4th) Wall St. closure, the Dow rocketed 1.44 per cent to 28,807.63 and S&P snowballed 1.50 per cent, while the tech-heavy Nasdaq composite torrented 2.1 per cent to wrap up the day at a record closing high of 9,467.97.