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S&P 500, Nasdaq reach record closing highs

Video credit: Reuters Studio
Published on February 10, 2020 - Duration: 01:20s

S&P 500, Nasdaq reach record closing highs

The S&P 500 and the Nasdaq closed at record highs on Monday as Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was protracted by the deadly coronavirus outbreak.

Yahaira Jacquez reports.

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S&P 500, Nasdaq reach record closing highs

The S&P 500 and the Nasdaq closed at record highs on Monday, getting a boost from Amazon, Microsoft and other tech stocks.

All three major U.S. indexes closed higher with investors appearing to look past the potential economic hit from the fast-spreading coronavirus and instead focusing on generally upbeat earnings and positive economic data.

Wayne Kauffman is chief market analyst at Phoenix Financial Services.

(SOUNDBITE) (ENGLISH) WAYNE KAUFFMAN SAYING: "Yes, there's no doubt a lot of companies are going to be negatively affected for this quarter because in China they're shutting down cities, factories and supply chains are definitely being hurt.

But I think the market is looking past that and they're seeing so many good things and so many great companies that they just want to use it as a chance to invest in those great companies." About 70 percent of the S&P 500 companies that have reported fourth quarter earnings have beat Wall Street's expectations.

Meanwhile,

Class="kln">Tesla shares rose nearly 3 percent Monday on news that its Shanghai factory had resumed production following a government-ordered closure due to the coronavirus.

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