Stocks closed broadly higher on Wall Street on Monday, sending the S&P 500 and Nasdaq indexes to all-time highs.
The latest gyrations in the market come as investors weigh encouraging U.S. economic data and company earnings against lingering uncertainty over the potential global economic fallout from the virus outbreak in China.“If this virus didn’t exist, there would be a lot of good things for the market to hang on to,” said Brian Nick, chief investment strategist at Nuveen.
Investors continued to bet that stocks, particularly technology companies, will weather any economic bumps from the outbreak. Chipmakers led the sector’s gains Monday. Advanced Micro Devices climbed 5% and Nvidia rose 4.5%. Edgewell Personal Care surged 27.5% after the owner of Schick razors said it would end its $1.37-billion buyout pursuit for upstart shaving company Harry’s. Edgewell, the No. 2 razor maker in the U.S., behind Gillette, made the decision shortly after the Federal Trade Commission sued to block the sale.Xerox rose 1.4% after the copier maker raised its offer for computer and printer maker HP to nearly $35 billion. HP, which rose 0.8%, had rejected a prior bid that it considered too low.
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