Bloomberg
Published Jan 29, 2020 05:08
Updated Jan 29, 2020 06:02
Stocks Shake Off Virus Dread in Busy Earnings Week: Markets Wrap
(Bloomberg) -- U.S. stocks climbed the most since October on speculation that efforts to contain the coronavirus will prevent a major economic fallout.
The S&P 500 Index rebounded from its worst sell-off in four months, with technology shares leading the charge. Some of the companies that suffered the biggest losses during the latest equity rout, such as chipmakers, casino operators and airlines, advanced on Tuesday. Demand for havens cooled, sending Treasuries and gold lower. After the close of regular trading, Starbucks Corp (NASDAQ:SBUX). reported earnings that beat analyst estimates.
Stocks Turnaround Got Few Cheering With Uncertainty Running High
Equities rallied after a slide that wiped about $1.5 trillion off the value of world stocks since Jan. 20. As it’s too early to assess the full impact of the deadly virus, traders digested some positive readings on U.S. consumer confidence and home prices. With earnings continuing to roll in, investors will be looking for signs of how the disease is affecting operations in China.
“We kind of stall a little bit on the Chinese recovery, but we have a lot of other things going in favor of a global recovery anyway,” Stephen Auth, chief investment officer of equities at Federated Investors, told Bloomberg TV. “We still think that’s coming.”
Hedge Funds Dumping Growth Stocks Ahead of Tech Megacap Earnings
Some corporate highlights:
Stocks
Written By: Bloomberg
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