Traders work at the New York Stock Exchange (NYSE) in New York, U.S., December 31, 2019.
Bryan R. Smith | Reuters
Dow Jones Industrial Average rises 275 points
Thesurged 275.08 points, or 0.94%, to close at 29,551.42. The gained 0.65% to end the day at 3,379.45. The advanced 0.90% to 9,725.96. Stocks rose as investors shrugged off persistent worries about the coronavirus and whether it will hurt the global economy.
Record highs for Dow, S&P 500
The Dow and S&P 500 hit record highs despite the number of coronavirus cases increasing. However, some investors took solace in the fact that the number of new confirmed cases has declined to its lowest level since late January. Meanwhile, strong earnings from companies suchlifted sentiment as well. “We have been saying that future stock gains would require P/E multiple expansion,” said Nick Raich, CEO of The Earnings Scout. “That is exactly what is happening.”
Micron and Facebook rise
shares gained 3.53% after a UBS analyst upgraded them to buy from neutral. shares also contributed to Wednesday’s gains,…