[NEW YORK] Wall Street stocks finished higher on Thursday, advancing after the World Health Organization declared the coronavirus an international emergency but did not recommend restrictions on the movement of people.
Stocks had spent much of the session in the red, but pushed higher on the WHO announcement, a sign"the worst-case scenario was off the table" as far as what the international body might recommend, said Patrick O'Hare of Briefing.com. The market's reaction"might seem counterintuitive," Mr O'Hare added, but by not recommending restrictions on people and goods, the emergency announcement"seemingly helped reduce concerns that other countries, particularly large developed economies, might follow China's lead in also restricting the movement of people and goods."Market voices on:
The broad-based S&P 500 advanced 0.3 per cent to close at 3,283.66, and the tech-rich Nasdaq Composite Index also rose 0.3 per cent to 9,298.93.
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