US Market extends gain as coronavirus fear settle

The US equity market finished higher for second straight session on Tuesday, 04 February 2020, as investors risk sentiments lifted by the People's Bank of China and actions by Beijing to combat the economic impact of a deadly coronavirus. Adding to the optimism was data that showed new orders for U.S.-made goods rose better than expected rose 1.8% in December. At closing bell, the Dow Jones Industrial Average rose 407.82 points, or 1.44%, to 28,807.6, while the S&P 500 index gained 48.67 points, or 1.5%, to 3,297.59. The Nasdaq Composite Index advanced 194.57 points, or 2.1%, to close at a record 9,467.97, surpassing its previous closing high on Jan. 23.

U.S. stocks got a lift after China's central bank intervened for the second day to combat the economic impact of a deadly coronavirus that has claimed at least 465 lives and infected more than 20,000 people in China.

The People's Bank of China injected 1.7 trillion yuan ($242.74 billion) via reverse repos on Monday and Tuesday, helping Chinese stocks reverse some losses and lifting the world equity index. The stimulus boosted investor sentiment even as several economists cut forecasts for 2020 global growth as the fast-spreading virus hampers business operations in the world's second largest economy.

Tesla continued a rally it began last week, after the electric-vehicle maker reported record deliveries in the fourth quarter and said it planned to deliver more cars globally in 2020. the electric-vehicle maker drew bullish endorsements from investors.

Ralph Lauren Corp jumped 9.1% after the retailer's holiday-quarter profit beat market expectations.

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