Stocks climb to new records even with coronavirus spreading…

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Stock Market Update Monday, February 10th, 2020

The coronavirus continues to spread…just not to the markets.

The major indices opened the day lower after China’s health ministry reported 40,171 confirmed cases and a death total of 910 that surpasses the total death toll from the 2003 SARS outbreak. 

But after the lower open stocks moved in just one direction in the morning – up!

The major indices were pretty much sideways from 11am until 3pm ET. Then another rally in the last hour of trading helped stocks finish at session highs.

Both the S&P and NASDAQ finished with new record highs. But it was the NASDAQ leading the way with a 1.1% gain!

Here’s where the major indices ended the week:

  • The S&P finished with a 0.7% gain. Up 24 points, the S&P ended at 3,352.
  • The DOW ended higher by 0.6%. Adding 174 points, the DOW closed at 29,277.
  • The NASDAQ was up 1.1%. With a 107 point gain, the NASDAQ finished at 9,629.

Crude Oil (CL) dropped back below $50 today. Down 1.5%, CL ended the day at $49.57 a barrel, its lowest close in more than a year.

Tech stocks were on the move, with nice gains from a few big names.

Amazon (AMZN) finished the day with a 2.6% gain, Microsoft (MSFT) was up 2.6% and Alphabet (GOOG) rallied 2.0%.

And Slack (WORK) saw a nice 15.4% gain today before trading was halted at 3:49pm ET. The move came after a report suggested that IBM (IBM) will have 350,000 of its employee’s use Slack’s communications technology.

Tomorrow we’ll hear from Fed Chair Powell with his testimony before the House Financial Services Committee.

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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