Worries about the economic impact of the outbreak fueled a wave of selling that erased the market’s gains in January, but traders have since largely set aside their jitters.“You have the continuing good news on the coronavirus potentially slowing and being under control, and that’s obviously powerful,” said Tom Martin, senior portfolio manager with Globalt Investments.
Investors got some encouraging news Wednesday when health officials reported that the number of new cases of the coronavirus in China declined for a second straight day. The outbreak has infected over 45,000 people worldwide and killed more than 1,100. Technology stocks led the broader market’s gains. Micron Technology climbed 3.5% and Apple rose 2.4%.Communication services stocks notched solid gains. Twitter added 3.2% and video-game developer Activision Blizzard rose 2.6%.
Ride-hailing service Lyft plunged 10.2%. Lyft stuck to a prediction that it won’t turn a profit until the fourth quarter of 2021. Rival Uber said earlier this month that it would make money in the fourth quarter of this year.
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