Wall Street surges as China financial measures soothe virus worries

Reuters | February 04, 2020

Wall Street surges as China financial measures soothe virus worries
The Nasdaq hit a record high on Tuesday and the S&P 500 headed for its biggest one-day gain in about six months as fears of a heavy economic impact from the coronavirus outbreak waned after China’s central bank intervened. The Dow was on pace for its biggest single-day rise in about eight months, as the stock market recovered from steep losses in the prior week. The People’s Bank of China (PBOC) injected a total of 1.7 trillion yuan ($242.74 billion) through reverse repos on Monday and Tuesday, as the central bank said it sought to stabilize financial market expectations and restore market confidence. The stimulus boosted investor sentiment even as fallout from the coronavirus from China is expected to deliver a short, sharp blow to both Chinese and global economic activity in the first quarter.

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