Wall St. hits record highs as virus fears ease

Video credit: Reuters Studio
Published on February 12, 2020 - Duration: 01:40s

Wall St. hits record highs as virus fears ease

Wall Street set record-closing highs for the Dow, Nasdaq and S&P 500 as investors cheered signs that the worst of China's coronavirus scare could be behind us.

Conway G.

Gittens has the market action.


Wall St. hits record highs as virus fears ease

Wall Street powered ahead to historic highs after China reported the lowest number of new coronavirus cases in two weeks.

The Dow joined The S&P 500 and the Nasdaq in setting record closing highs.

Brett Sifling is an investment advisor at Gerber Kawasaki.

SOUNDBITE (ENGLISH): BRETT SIFLING, INVESTMENT ADVISOR, GERBER KAWASAKI, SAYING: "Stock market is at all-time highs and economic activity is strong.

People are trading that these coronavirus fears are out the window.

We do think that it is still going to peak as far as the amount of cases right now." Investors may be optimistic when it comes to the outbreak but industries remain cautious.

The upcoming World Mobile Congress, an annual wireless tech gathering that draws more than 100,000 people to Barcelona, was canceled on Wednesday.

Organizers said global coronavirus worries and associated travel concerns made it impossible to hold the event this year.

A number of high-profile companies such as Cisco, AT&T, Deutsche Telekom and Vodafone had already pulled out.

Healthcare stocks like UnitedHealth and Anthem were in rally mode with an eye on the ballot box.

Vermont Senator Bernie Sanders, who wants to eliminate private health insurance, may have won the Democratic primary in New Hampshire, but he only did so with a very small majority.

JP Morgan says that is positive for the heath insurance providers.

Shares of UnitedHealth hit an all-time high.

One Wall Street luminary is weighing in on the possibility of Sanders becoming the Democratic nominee for President.

Former Goldman Sachs CEO Lloyd Blankfein wrote on Twitter: "If elected, Sanders will 'ruin our economy.'"

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