The S&P 500 and the Nasdaq hit all-time highs on Wednesday on confidence in the U.S. economy and hopes that China would take more measures to prop up its economy eased worries about the impact of the coronavirus outbreak.
The number of new coronavirus cases also dropped for the second straight day in China, although global health officials cautioned it was too early to predict how the outbreak will play out.
Recent stimulus from China, confidence in the U.S. economy and hopes that the damage from the outbreak will be short-lived have fueled a recent run in U.S. stocks.
Technology stocks, which are sensitive to news related to China’s growth, gained 1.2% – the most among major S&P sectors. Defensive real estate and utilities were in the red.
Apple Inc rose 1.7%, recouping most of the ground lost in the previous session on a surprise sales warning that highlighted concerns about global supply chains.
MacDailyNews Take: Looks like our best hope for a discount sale on AAPL ahead of the multi-year 5G iPhone super cycle isn’t panning out so far. Not with the S&P 500 and Nasdaq hitting new all-time highs and Apple within $3 of its all-time high, too. Not that Apple shareholders are complaining!