Record closing highs for S&P 500, Nasdaq

Video Credit: Reuters Studio - Duration: 01:51s - Published
Record closing highs for S&P 500, Nasdaq

Record closing highs for S&P 500, Nasdaq

The S&P 500 and Nasdaq set record closing highs amid a broad stock market rally fueled by upbeat economic data and waning coronavirus fears.

Conway G.

Gittens has the roundup.

Stocks surged for a third consecutive day as upbeat data pointed to signs of strength in the economy.

The Dow tacked on another 483 points Wednesday, while the S&P 500 and Nasdaq set record closing highs.

But given the pressure on China, the world's second largest economy, from the coronavirus outbreak, some are wondering if investors are overly confident Beijing can limit the financial impact.

Payne Capital Management's Courtney Dominguez doesn't share that concern.

SOUNDBITE (ENGLISH) COURTNEY DOMINGUEZ, FINANCIAL ADVISOR, PAYNE CAPITAL MANAGEMENT, SAYING: "I think, if anything, investors aren't necessarily bullish enough because of what we saw over the last year.

We saw some record inflows into bonds and money markets, which means people - despite the fact that the market is doing well, we are on a record bull run - are still so nervous and putting money into safety right now and at the first sign of something to be nervous about like the coronavirus that only accelerated." Employment data set the positive tone for the day.

Private-sector hiring rose far more than expected in January, according to payroll company ADP.

Solid numbers from the services sector kept the jovial mood going.

Business activity outside of the manufacturing industry hit a six-month high in February, data from the Institute for Supply Management showed.

But a number of individual stocks were left out of the Wall Street rally.

Tesla shares, which have been on a tear, tumbled sharply in their biggest one-day fall in 8 years.

A senior executive warned the coronavirus outbreak in China would force the electric car maker to delay deliveries of Model 3 cars made at a plant in Shanghai.

Ford also had a rough day.

Investors responded negatively to the automaker's weaker than expected outlook for the year.

Ford warned it will see higher warranty costs, lower profits at its credit arm, and will spend more on future technology such as self-driving cars.

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