The United States stock market roared to life Tuesday despite the Democrats’ Iowa Caucus disaster; with the Dow Jones Average jumping 500 points during mid-day trading and the Nasdaq breaking another record.
“Stocks rallied on Tuesday, building on solid gains from the previous session as the market recovers from a steep sell-off that was sparked by worries over the coronavirus,” reports CNBC. “The Dow Jones Industrial Average traded 500 points higher, or 1.8%. The S&P 500 gained 1.7% while the Nasdaq Composite advanced nearly 2% to a record.”
Dow surges a second day as manufacturing data, strong earnings offset coronavirus fears https://t.co/H5s2X5pVlq
— The Washington Post (@washingtonpost) February 4, 2020
“Stocks that have been hit by fears of the coronavirus slowing the economy bounced on Tuesday. Apple jumped 3.1%. Nvidia and Micron rose more than 2.5% each. Companies directly impacted by the coronavirus, including Carnival, which confirmed on Monday that a former cruise-line passenger tested positive for the virus, rose. Carnival added 2.4%. American and United were both up by more than 5%,” adds the website.
“The fear last week was that the outbreak was happening at a time when the economic data was shaky at best,” said one industry expert.
Read the full report here.