|
The US equity market finished session at record highs on Wednesday, 19 February 2020, as investors were encouraged by comments from the Federal Reserve and as optimism that China would take more measures to prop up its economy and to help coronavirus-stricken businesses. At closing bell, the Dow Jones Industrial Average advanced 115.84 points, or 0.4%, to 29,348.03. The S&P 500 rose 15.86 points, or 0.5%, to 3,386.15. The Nasdaq Composite added 84.44 points, or 0.87%, to end the session at a record at 9,817.18.
Stocks held gains following the release of minutes from U.S. Federal Reserve's last policy meeting, which showed policymakers were cautiously optimistic about their ability to hold interest rates steady this year while acknowledging new risks caused by the virus outbreak and of tensions in the Middle East. Policy makers emphasized their intention to provide some stability for markets and the economy for a time after cutting rates three times in succession last year.
Expectations are also high that China and other central banks around the world will limit the economic damage through injections of cash into markets, lower interest rates and other stimulus measures
China's Ministry of Industry and Information Technology launched fresh measures to support local businesses that are struggling because of the coronavirus outbreak. of several steps that Beijing and local Chinese authorities have taken to limit the economic fallout of the coronavirus, which has sickened 75,000 people and claimed more than 2,000 lives.
Chinese officials have said the rate of new cases has begun to ebb, but the World Health Organization has recommended caution.
Technology stocks helped lead the market higher. Apple rallied to recover most of its loss from the prior day. It dropped Tuesday after warning that revenue this quarter would fall short of forecasts due to the viral outbreak centered in China.
CURRENCY NEWS: The dollar rose to 111.58 Japanese yen from 109.88 yen on Tuesday. The euro strengthened to $1.0796 from $1.0794.
|