Tech shares outperformed and investors continued to weigh the coronavirus’ impact on the global economy.Posted on February 19, 2020
The broad index traded 0.4% higher, breaking above a previous all-time high, while the Nasdaq gained 0.6%. The Dow was up 60 points.
Apple shares contributed to the gains, trading 1.2% higher. The Technology Select Sector SPDR ETF (XLK) — which tracks the S&P 500 tech sector — gained more than 1% to hit an all-time high. Tesla, meanwhile, jumped 6.3% after an analyst at Piper Sandler hiked his price target on the electric car maker to $928 per share from $729 per share.
China’s National Health Commission on Wednesday reported an additional 1,749 cases of the coronavirus nationwide. That’s the lowest number of newly confirmed cases since late January.