Wall Street's major stocks indicators, including that of the biggest technology companies, hit record highs on expectations that China will offer more stimulus to lift the second-largest economy from the doldrums of the coronavirus
NEW YORK (Pakistan Point News / Sputnik - 20th February, 2020) Wall Street's major stocks indicators, including that of the biggest technology companies, hit record highs on expectations that China will offer more stimulus to lift the second-largest economy from the doldrums of the coronavirus.
The S&P 500, which reflects the performance of the top 500 stocks on the New York Stock Exchange, closed up 0.5 percent at 3,386 on Wednesday after a record high at 3,393.
The technology-heavy Nasdaq Composite also hit all-time highs, soaring to 9,838 before closing up 0.5 percent at 9,817.
Wall Street's broadest stock index, the Dow Jones Industrial Average, meanwhile, gained 0.4 percent to finish at 29,348. Prior to Wednesday, the Dow had fallen three days in a row, losing about 1% in all.
Earlier this week, the People's Bank of China cut interest rates by 10 basis points on 200 billion renminbi ($28.6bn) of loans offered via its medium-term lending facility, a key rate for interbank lending.
US investment bank Morgan Stanley estimated on Wednesday that Chinese first-quarter growth could fall as low as 3.5 percent due to the coronavirus, which has killed more than 2,000 people and infected over 74,000 in China.
