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US Market closes at records

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The US equity market finished session at record highs on Monday, 10 February 2020, as investors took heart in mostly solid U. S. fourth-quarter corporate earnings and strong economic data against concerns over the spread of coronavirus. Most of sectors advanced, with shares in the consumer discretionary and technology sectors being notable gainers. Shares in real estate groups also swung higher after Simon Property Group agreed to buy mall owner Taubman Centers in a $3.6bn deal. At closing bell, the Dow Jones Industrial Average rose 174.31 points to 29,276.82, a gain of 0.6%.

The S&P 500 index advanced 24.38 points, or 0.73%, to 3,352.09. The Nasdaq Composite Index added 107.88 points, or 1.13%, to 9,628.39.

Global stock markets enjoyed a strong rebound as investors banked that the economic damage from the novel coronavirus would be limited and that any ensuing shock would be contained by central bank stimulus.

The closely watched US jobs report on Friday showed that hiring accelerated in January while more Americans joined the labour force, a positive sign for the economy at the start of 2020. Expectations for the Federal Reserve to prop up the economy with easy financial conditions if the coronavirus spills over into the U. S., also helped to support stocks.

China's health ministry on Monday said another 3,062 cases had been reported over the previous 24 hours, raising the mainland's total to 40,171. The death toll grew by 97 to 910, surpassing the 774 attributed to the severe acute respiratory syndrome, or SARS, a 2003 viral outbreak that originated in China.

The World Health Organization warned Monday that the spread of the coronavirus to people who have not visited China could be the spark that becomes a bigger fire, while urging nations to fight the epidemic together.

Shares of Restaurant Brands International Inc closed 2.7% higher after reporting fourth-quarter earnings that topped expectationsboosted by transformational growth at Popeyes attributed to the popularity of the chain's chicken sandwich.

Shares of Allergan PLC rose 1.3% after reporting fourth-quarter adjusted profit and revenue that topped expectations.

HP Inc. shares added 0.8% after XeroxHoldings Corp. raised its offer price for the computer maker to $24 a share. Xerox shares gained 1.4%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 09:08 IST