Feb 13, 2020
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Okey Koeln S&P 500, Nasdaq turn positive amid mixed coronavirus news

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(Reuters) – The S&P 500 reversed its losses on Thursday as investors weighed mixed news on the coronavirus and a spate of corporate earnings. While a drop in Cisco Systems Inc (CSCO.O) shares helped keep the blue-chip Dow .DJIin the red, the S&P 500 .SPX and the Nasdaq .IXICrebounded and were both on track to…

Okey Koeln (Reuters) – The S&P 500 reversed its losses on Thursday as traders weighed mixed news on the coronavirus and a spate of company earnings. Whereas a fall in Cisco Systems Inc (CSCO.O) shares helped help the blue-chip Dow .DJIin the red, the S&P 500 .SPX and the Nasdaq .IXICrebounded and were each heading in the suitable direction to eke out their fourth consecutive file closing highs. Hopes that the coronavirus epidemic will most likely be on the wane were soured by a spike in fatalities, with an further 242 bringing China’s coronavirus loss of life toll to 1,367. The news ended in an infinite sell-off in global markets in a crisis that has resulted in quarantines, provide line disruptions and factory closings. Quiet, there were glimmers of optimism as the director of the World Effectively being Organization (WHO) advised a news briefing that “we’re no longer seeing dramatic increases in cases originate air China.” “(Investors are) taking a stare upon snide-currents and looking out for to determine which is more necessary,” acknowledged Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “The reality that the Fed is ready to address the course offsets the coronavirus converse.” Indeed, in his financial file to Congress earlier this week, U.S. Federal Reserve Chair Jerome Powell acknowledged the central bank became as soon as assessing the likelihood of the coronavirus and other attainable threats, indicating any trade to its accommodative policy became as soon as no longer going this year. The Dow Jones Industrial Moderate .DJI fell 54.33 capabilities, or 0.18%, to 29,497.09, the S&P 500 .SPX obtained 2.89 capabilities, or 0.09%, to 3,382.34 and the Nasdaq Composite .IXIC added 14.34 capabilities, or 0.15%, to 9,740.30. Of the 11 necessary sectors in the S&P 500, seven were procuring and selling in the sad, led by defensive utilities .SPLRCU and consumer staples .SPLRCS. Energy .SPNY stocks suffered the largest proportion loss. The fourth-quarter reporting season is nearing its final scheme, with 378 companies in the S&P 500 having posted outcomes. Of those, 71.2% personal shocked consensus estimates to the upside, basically based on Refinitiv knowledge. Analysts now watch combination fourth-quarter earnings rising at a 2.5% annual price, a stark reversal from the 0.3% decline seen in the starting up of the year. Cisco Systems dropped 5.0% after offering lackluster forward revenue and revenue guidance on its quarterly earnings call. Tesla Inc (TSLA.O) rose 5.6% following its announcement that it intends to elevate $2 billion in a stock offering. Alibaba Neighborhood (BABA.N) warned that the coronavirus sweeping China would hurt its revenues. The e-commerce firm’s shares were down 1.2%. American World Neighborhood Inc (AIG.N) fell 4.1% despite reporting better-than-expected quarterly revenue on stronger underwriting in its identical old insurance protection unit. Shares of Kraft Heinz Co (KHC.O) plunged 7.7% after the packaged meals firm missed quarterly gross sales expectations and took a $666 million tag. Traders work on the floor of the Serene York Stock Replace rapidly after the outlet bell in Serene York, U.S., February 6, 2020. REUTERS/Lucas JacksonNetApp Inc (NTAP.O) fell about 10.4% following the recordsdata storage instruments maker’s present-quarter revenue forecast omit. Advancing points outnumbered declining ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio liked advancers. The S&P 500 posted 59 original 52-week highs and 3 original lows; the Nasdaq Composite recorded 132 original highs and 51 original lows. Reporting by Stephen Culp; Editing by Dan Grebler

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