Stocks closed higher on Wall Street on Thursday, extending the market’s solid rebound this week and delivering another round of record highs for the major indexes.
“It’s certainly good news and something unexpected,” said Sam Stovall, chief investment strategist at CFRA. “The Chinese, in a sense, are showing deference and offering an olive branch to the U.S. ahead of the phase two negotiations.”Bond prices rose. The yield on the 10-year Treasury slipped to 1.64% from 1.65% late Wednesday.
Worries about the potential global economic fallout from the outbreak spurred a mid-January slump for U.S. stocks. Investors appear to have set aside those concerns this week, focusing instead on encouraging U.S. economic data and company earnings reports.Cognizant led the gainers in the technology sector Thursday, vaulting 9.9%. The information technology consulting firm’s fourth-quarter earnings topped Wall Street’s expectations.
Traders welcomed solid quarterly results from Coach parent Tapestry. The company, which also owns Kate Spade, warned investors about a potential hit to its sales and profit because of the virus outbreak in China. Its shares rose 2.1%.
How much of that 'gain' was shored up by money from the Federal Reserve? Asking for a country.
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