Stocks rose in much of the world Monday and recovered some of their losses from earlier weeks, but markets are still far from giving the all-clear on the virus that has spread to more than 20 countries and infected more than 17,000 people.
The S&P 500 rose 23.40 points, or 0.7%, to 3,248.92 and clawed back some of its losses following its first back-to-back weekly drops of 1% since August. The Dow Jones Industrial Average gained 143.78, or 0.5%, to 28,399.81, and the Nasdaq composite climbed 122.47, or 1.3%, to 9,273.40. The indexes remain 1.4% to 3.2% below their records set last month.
The virus fears have struck just as investors believed economic growth would re-accelerate around the world, thanks in large part to interest-rate cuts and bold actions by the Federal Reserve and other central banks around the world. A report on Monday said U.S. manufacturing returned to growth in January for the first time in six months, but many investors discounted it because it doesn’t fully reflect all the virus concerns.
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