US markets: S&P 500, Nasdaq hit record on IBM, waning China virus fears
4 years, 11 months ago

US markets: S&P 500, Nasdaq hit record on IBM, waning China virus fears

Live Mint  

The S&P 500 and the Nasdaq scaled new highs on Wednesday, as an upbeat forecast from IBM added to optimism over earnings, while China's efforts to contain a virus outbreak eased worries about a wider financial fallout. International Business Machines Corp shares jumped 4.1% after it forecast full-year profit above market expectations on strength in its high-margin cloud computing business. Investors brushed aside fears from China's new flu-like virus that has killed nine and infected 440 in the country after President Xi Jinping said curbing the outbreak and saving lives was a top priority. "While the death toll has risen to nine, it feels like affirmation we're getting out of China is stemming fears that this is turning into an epidemic," said Art Hogan, chief market strategist at National Securities in New York.

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