Wall Street hits new highs as China moves to limit coronavirus impact

U.S. stocks gained for a fourth straight session on Thursday and Wall Street’s main indexes hit record highs amid growing confidence in China’s efforts to contain the economic fallout from the coronavirus outbreak. China said it would halve additional tariffs levied against some U.S. goods, seen by analysts as a move to boost confidence after the fast-spreading coronavirus disrupted businesses and hit investor sentiment. Data showing that the number of Americans filing for unemployment benefits dropped to a nine-month low last week also fueled positive sentiment, with investors casting an eye toward Friday’s monthly U.S. employment report. “Maybe cooler heads have prevailed regarding the long-term impact of coronavirus,” said James Ragan, director of wealth management research at D.A. Davidson in Seattle. The main reasons driving stocks higher on the day were economic data and the fact that “largely, earnings reports have been positive,” he said.