U.S. stocks bounced back on Tuesday, following their worst losses in months yesterday, as Wall Street investors continue to wrestle with lingering fears over the spreading coronavirus and its impact on the global economy.
All three major indexes indicated a rebound on Tuesday morning: The S&P 500 was up 0.9%, the Dow Jones industrial average 0.6% and the Nasdaq Composite 1.1%. since October 2019, while the Nasdaq had its biggest decline since August 2019. Investors appear to be refocusing attention on major earnings reports due this week, a key indicator of whether economic growth can continue, even as the virusCompanies like LVMH and Apple, which both have substantial exposure to China and report earnings later today, “should provide some insight into the state of demand in Asia and the fallout from the coronavirus,” says Adam Crisafulli, founder of Vital Knowledge, in a note.
Wall Street will also be closely watching the Federal Reserve meeting on Tuesday and Wednesday this week, but it still looks like a “ ” of the U.S. economic outlook would be required in order to change the current interest rate level of 1.5% to 1.75%.As of Tuesday morning, the deadly coronavirus that originated in Wuhan, China, has now killed 106 people and infected more than 4,500,
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Source: CNBC - 🏆 12. / 72 Read more »