US stocks end at records, extending rally as coronavirus fears ease

A television screen on the trading floor of the New York Stock Exchange headlines the closing Dow Jones industrial average. (AP)

Wall Street stocks finished at fresh records Thursday, again shrugging off worries about the coronavirus outbreak and applauding China’s move to cut tariffs on US goods.

All three major indices ended at all-time highs, with the Dow Jones Industrial Average advancing 0.3 percent to 29,379.77.

The broad-based S&P 500 also gained 0.3 percent to finish at 3,345.78, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 9,572.15. The S&P 500 and Nasdaq also notched records on Wednesday.

Stocks have risen all week as investors bet that the economic hit from the epidemic would not be lasting even as some analysts warned of potential market volatility due to the outbreak.

“We have been in an environment where people have tended to look through macro risks,” said Nate Thooft of Manulife Asset Management, who said markets view the coronavirus as a “temporary” issue that will delay growth “for a quarter or two.”

In trade news, China announced it would halve tariffs on $75 billion-worth of US imports as part of the truce with Washington signed last month, a concrete sign of progress on the deal.
 

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Last Update: 01:09 KSA 04:09 - GMT 01:09
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