S&P 500, Nasdaq reach record closing highs as Chinese workers return back to work

by   |  VIEW 204
S&P 500, Nasdaq reach record closing highs as Chinese workers return back to work

On Monday, the 10th of February 2020, all three key indices of Wall St. had ended the day with solid gains as Chinese workers had returned back to their working stations following an extended Lunar New Year holiday despite a gruelling coronavirus outbreak killing more than 1,000 people in past two weeks, while the benchmark Standard & Poor 500 alongside Nasdaq wrapped up the day at another record closing high.

In point of fact, Monday’s (February 10th) Wall St. rally was almost entirely prodded by an upbeat comment of White House’s Larry Kudlow made late on Friday (February 7th), while the White House’s Kudlow was quoted saying that the US economy would likely to experience a minimal impact from China’s coronavirus outbreak.

Meanwhile, referring to an unyielding underlying resilience in Chinese economy alongside People’s Bank of China’s ability to inject fresh stimulus from time-to-time that could undermine impacts of coronavirus outbreak, a portfolio manager at Kingsview Asset Management in Chicago, Paul Nolte said on Monday’s (February 10th) Wall St.

closure, “The money that China injected into its economy is finding its way around the world and you have a buy anything and everything’ mentality. It’s an index buy and it is growth verses value. The U.S. is seeing some economic growth.

We’re the cleanest shirt in the dirty laundry, globally, and it gives investors another reason to buy U.S. stocks. ” Quoting statistics, on Monday’s (February 10th) Wall St. wrap-up, the trade-sensitive Dow gained 0.6 per cent to 29,276.82, S&P 500 rose by 0.73 per cent, while the tech-heavy Nasdaq climbed 1.13 per cent to wind down the day at 9,628.39.