Stocks rally and Tesla (TSLA) skyrockets

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Stock Market Update Tuesday, February 4th, 2020

Stocks were up big for the 2nd day in a row, with traders shaking off coronavirus fears once again.

The major indices were up at the open after reports that China’s Central Bank has taken steps to help support the economy while the country deals with containing the virus.

After the strong open, stocks rallied all morning long.

There was a small pullback early afternoon, followed by another rally to session highs. Then stocks experienced another small dip 30 minutes into the close.

But the late dip only put a small dent in the day’s gains.

The S&P closed just shy of 3,300. And the NASDAQ made new record highs!

Here’s where the major indices ended the day:

  • The S&P finished with a 1.5% gain. Up 49 points, the S&P ended at 3,298.
  • The DOW ended higher by 1.4%. Adding 408 points, the DOW closed at 28,808.
  • The NASDAQ was up 2.1%. With a 196 point gain, the NASDAQ finished at 9,470.

Crude Oil (CL) dropped for the 5th day in a row. Down 1.0%, CL ended the day at $49.61 a barrel. It was the first close below $50 a barrel in 13 months.

Stocks recently affected by the coronavirus were up nicely today.

Carnival (CCL) rallied 1.9% in spite of an infected coronavirus passenger on one of its cruise ships.

And airline stocks did well today. United Airlines (UAL) and American Airlines (UAL) were up over 5.0% each.

Tesla (TSLA) brought pain to Tesla bears, by making new records and closing higher for the 6th day in a row. The stock added to its parabolic move with another 13.8% gain. If you’re keeping score, the stock is up 36% this month!

And Amazon (AMZN) joined the $1 trillion club for the first time today. The exclusive club only includes Apple (AAPL) and Microsoft (MSFT)…at least for now. Amazon finished with a 2.2% gain and new record high.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.


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