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S&P 500, Nasdaq edge up to record highs

Credit: Reuters Studio
Published on February 11, 2020 - Duration: 01:16s

S&P 500, Nasdaq edge up to record highs

The S&P 500 and the Nasdaq inched up to their second consecutive record closing highs on Tuesday after Chinese officials said the deadly coronavirus epidemic could be contained by April.

Fred Katayama reports.

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S&P 500, Nasdaq edge up to record highs

Waning fears over the coronavirus outbreak spurred buying on Wall Street Tuesday, sending the S&P 500 and Nasdaq into fresh record territory.

But the Dow finished flat.

China's top medical advisor said the outbreak may be peaking and WHILE Fed Chair Jerome Powell cited the potential threat from the coronavirus in testimony before Congress, HE gave otherwise fairly upbeat remarks about the U.S. economy.

William O'Neil & Co.

Chief investment strategist, Randy Watts: SOUNDBITE: WILLIAM O'NEIL & CO.

CHIEF INVESTMENT STRATEGIST, RANDY WATTS (ENGLISH) SAYING: "We worry that the number of cases is still understated in China.

And one of the reasons for that is the incubation period takes so long with this disease.

So I think it's a little bit early to say it's peaked." Shares of Sprint catapulted higher.

A U.S. judge approved T-Mobile US' purchase of the wireless carrier.

T-Mobile shares also rose.

Shares of Hasbro fell.

Quarterly profit soared on the strength of sales of toys from Disney's film franchises Star Wars and Frozen.

But it warned the coronavirus could impact first quarter results.

But Under Armour tumbled.

The sports apparel maker surprised Wall Street with its forecast calling for a drop in profit this year.

It blamed weakness in the North American market and the coronavirus outbreak in China.

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