Stocks were up sharply for the week entering Friday as strong earnings and economic data outweighed worries over the coronavirus’ economic impact.Posted on February 7, 2020
The S&P 500 was up 3.7% week to date through Thursday’s close, and was on pace for its best weekly performance since early June. The Dow is up 4% for the week while the Nasdaq has gained 4.6%. The major averages were also riding a four-day winning streak.
The major averages also reached record highs on Thursday boosted by China’s decision to halve tariffs on a slew of U.S. products. The world’s second-largest economy announced it would halve tariffs on $75 billion worth of U.S. imports on Thursday.
However, stocks were under pressure amid concerns about the potential economic fallout of China’s fast-spreading coronavirus. China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 death.