S&P 500, Nasdaq hit record closing high after China stimulus hope


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S&P 500, Nasdaq hit record closing high after China stimulus hope

On Wednesday, the 19th of February 2020, all three key indices of Wall St. ended up the day with solid gains, while the benchmark Standard & Poor 500 alongside tech-heavy Nasdaq had clocked fresh record closing highs on over optimisms that the measures Beijing had adopted thus far to contain an apocalyptic coronavirus epidemic in China, might just haul its economy and ease concerns regarding financial fallouts of coronavirus outbreak.

As a matter of fact, US stocks kept rising following the last FOMC minutes when the Fed Chair Jerome Powell had been expressing a cautious optimism on holding the benchmark interest rate steady throughout this year, while fewer number of newer coronavirus cases had added to investors’ optimisms further.

Meanwhile, citing that the latest coronavirus reports saying the number of newer cases had begun to drop which meant the outbreak had reached its plateau or threshold level and started off a phase of decline, a portfolio manager at Kingsview Investment Management in Chicago, Paul Nolte said on Wednesday’s (February 19th) Wall St.

closure, “It sounds as though investors are breathing a sigh of relief that they believe the worst of the coronavirus is behind us. Investors are feeling emboldened because central banks have got their back. ” Citing statistics, on Wednesday’s (February 19th) Wall St.

closure, the Dow gained 0.40 per cent to 29,348.03 and S&P added 0.47 per cent to trace another record closing high of 3,386.15, while the tech-heavy Nasdaq gained 0.87 per cent to a record 9,817.18.