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US close: Stocks finish higher as traders watch coronavirus updates

By Josh White

Date: Thursday 20 Feb 2020

US close: Stocks finish higher as traders watch coronavirus updates

(Sharecast News) - US stocks finished in the green on Wednesday, as market participants remained largely focused on the potential economic fallout of the Wuhan coronavirus outbreak.
The Dow Jones Industrial Average ended the session up 0.4% at 29,348.03, the S&P 500 was ahead 0.47% at 3,386.15, and the Nasdaq Composite was 0.87% firmer at 9,817.18.

Wall Street stocks had finished mixed on Tuesday, as the ongoing coronavirus outbreak took its toll on Apple and other stocks exposed to China's manufacturing sector.

China's National Health Commission revealed a further 1,749 cases of the coronavirus across the country overnight, with another 136 deaths taking the total death total above 2,000.

The world's second-largest economy also announced that more than 80% of Chinese state-controlled firms were back in business, although some dealers have questioned the numbers.

"The coronavirus crisis is deepening but it would appear it is spreading at a slightly slower pace, so dealers see that as a positive step," said CMC Markets' David Madden.

"Traders are clutching onto whatever small bits of positive news they can grab."

Late in the session, the Federal Federal Open Market Committee released the minutes of its January meeting, which suggested that officials at the central bank were of the opinion that the US economy was performing stronger than they had been anticipating.

Members of the committee did say they were keeping an eye on the coronavirus threat, as well as choppy tensions in the Middle East.

On the macro front, wholesale prices in the US picked up more sharply than expected last month following a jump in the cost of services.

According to the Department of Labor, final demand prices increased at a 0.5% month-on-month clip and by 2.1% on the year in January, against consensus expectations for a reading of 1.6%.

US producer prices increased at their highest clip in more than a year in January, boosted by rising costs of services such as healthcare and hotel accommodation.

The US producer price index for final demand jumped 0.5% last month, the largest gain since October 2018.

Elsewhere, housing market activity in the States cooled at the start of January, but only a tad.

According to the Department of Commerce, the annualised rate of housing starts slumped at a month-on-month pace of 3.6% to reach 1.567m, ahead of consensus forecasts for 1.4m.

Permits, on the other hand, which many consider a lead indicator for the sector, jumped by 9.2% on the month to reach 1.551m and were up by 17.9% on the year-ago level.

In the corporate space, Garmin shares were up 6.74% after beating consensus estimates with its quarterly earnings, while Apple stock picked up 1.45% as traders seemingly shrugged off yesterday's profit warning.

Groupon shares plunged 44.26%, after the discount experience company widely missed expectations and took the wraps off a reverse stock-split proposal.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $237.33 1.77%
Walt Disney Co. (DIS) $141.30 1.55%
Intel Corp. (INTC) $67.11 1.47%
Apple Inc. (AAPL) $323.62 1.45%
JP Morgan Chase & Co. (JPM) $137.49 1.36%
Unitedhealth Group Inc. (UNH) $305.31 1.05%
Visa Inc. (V) $213.31 1.00%
American Express Co. (AXP) $136.93 0.98%
Exxon Mobil Corp. (XOM) $60.34 0.77%
Verizon Communications Inc. (VZ) $58.22 0.54%

Dow Jones - Fallers

Walmart Inc. (WMT) $117.68 -1.63%
Travelers Company Inc. (TRV) $134.51 -1.01%
Cisco Systems Inc. (CSCO) $46.29 -0.64%
Merck & Co. Inc. (MRK) $82.00 -0.56%
United Technologies Corp. (UTX) $150.68 -0.40%
Pfizer Inc. (PFE) $36.23 -0.25%
McDonald's Corp. (MCD) $215.63 -0.24%
Boeing Co. (BA) $338.30 -0.17%
International Business Machines Corporation (CDI) (IBM) $150.86 -0.16%
Johnson & Johnson (JNJ) $148.94 -0.13%

S&P 500 - Risers

Concho Resouces Inc. (CXO) $82.46 7.58%
Garmin Ltd. (GRMN) $103.67 6.74%
Diamondback Energy Inc. (FANG) $79.29 6.34%
Nvidia Corp. (NVDA) $314.70 6.11%
Ipg Photonics Corp. (IPGP) $143.93 5.98%
Analog Devices Inc. (ADI) $123.89 4.49%
Cimarex Energy Co (XEC) $40.66 4.44%
Pioneer Natural Resources Co. (PXD) $141.17 4.14%
Affiliated Mgrs Group (AMG) $86.71 4.13%
Hess Corp. (HES) $63.57 3.97%

S&P 500 - Fallers

Extra Space Storage (EXR) $107.48 -6.86%
Public Storage (PSA) $218.80 -5.59%
Vornado Realty Trust (VNO) $64.38 -5.02%
Fluor Corp. (FLR) $14.06 -4.94%
Tyson Foods Inc. (TSN) $77.83 -2.89%
ConAgra Brands Inc (CAG) $29.80 -2.87%
CME Group Inc. (CME) $207.50 -2.75%
Alexandria Real Estate Equities Inc. (ARE) $169.19 -2.68%
Kimco Realty Corp. (KIM) $18.56 -2.67%
NextEra Energy Inc. (NEE) $274.67 -2.61%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $917.42 6.88%
Nvidia Corp. (NVDA) $314.70 6.11%
Analog Devices Inc. (ADI) $123.89 4.49%
Incyte Corp. (INCY) $82.42 3.93%
Micron Technology Inc. (MU) $59.99 3.88%
Applied Materials Inc. (AMAT) $67.41 3.45%
Trip.com Group Limited (TCOM) $34.79 3.42%
QUALCOMM Inc. (QCOM) $90.56 2.87%
Align Technology Inc. (ALGN) $277.15 2.67%
Microchip Technology Inc. (MCHP) $109.82 2.67%

Nasdaq 100 - Fallers

Mylan Inc. (MYL) $20.90 -1.79%
Qurate Retail Inc. (QRTEA) $9.49 -1.35%
Verisk Analytics Inc. (VRSK) $169.74 -1.06%
American Airlines Group (AAL) $28.33 -1.05%
Citrix Systems Inc. (CTXS) $122.25 -1.02%
O'Reilly Automotive Inc. (ORLY) $392.15 -0.97%
Workday, Inc. (WDAY) $197.58 -0.90%
eBay Inc. (EBAY) $37.53 -0.90%
Vodafone Group Plc ADS (VOD) $20.04 -0.79%
Cisco Systems Inc. (CSCO) $46.29 -0.64%

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