S&P 500, Nasdaq clock record closing high on robust US data, waning China virus fears


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S&P 500, Nasdaq clock record closing high on robust US data, waning China virus fears

On Wednesday, the 5th of February 2020, all three key indices of Wall St. had notched robust gains and extended their gaining streak for third straight session in a row, shrugging off a nefarious outlook stemmed from a China coronavirus outbreak following declining frets of financial impacts of China’s Wuhan virus epidemic, while a set of robust US data had also added to investors’ optimism.

If truth is to be told`, Wednesday’s (January 5th) Wall St. rally was almost entirely galvanized by a robust ADP National Employment report which showed private payroll activities shooting up, while in January alone, the US economy had added 291,000 new jobs, the index’s highest level since 2015, fuelling up optimism that the United States record long run of gaining streak would likely to continue since creation of about 100,000 jobs were required in the US economy to continue its record long run of expansion currently at its eleventh year.

Meanwhile, addressing to Wednesday’s (February 5th) robust US economic data, a partner at Cherry lane Investments in New Vernon, New Jersey, Rick Meckler said, “There are few alternatives to stocks in this low interest rate environment and as long as the economy shows that it can hang in there, people keep coming back to the market as the place to be invested.

Right now, they are more afraid about missing out on the market than they are about a sell-off” Quoting statistics, on Wednesday’s (February 5th) market wrap-up, the trade-sensitive Dow Jones Industrial Average posted a gain of 1.68 per cent, while the benchmark Standard & Poor 500 added 1.13 per cent to 3,334.69 and Nasdaq Composite rose by 0.43 per cent to round off Wednesday’s (February 5th) Wall St. at 9.508.68.