NEW YORK: Wall Street stocks jumped Tuesday, gaining for a second straight session as fears eased over an economic hit from the coronavirus outbreak in China.
Despite more cases, the rise “was not enough to cause panic on Wall Street, or to increase the fear that China and other countries won’t be able to get it under control,” said Tom Cahill, portfolio strategist at Ventura Wealth ManagementThe broad-based S&P 500 advanced 1.5% closing at 3,297.59, while the tech-rich Nasdaq Composite Index surged 2.1% to 9,467.97.
The companies seeing a rebound included travel-oriented stocks that tumbled last week, including United Airlines, which surged 5.3% and Marriott International, which advanced 4.2%. Meanwhile, Tesla surged 13.7%, adding to a nearly 20% rise Monday as it continued to reach new records following a run of strong results.
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