U.S. stocks finished higher on Monday, but well off session peaks, as equity investors attempted to shake off a coronavirus-driven selloff on Friday that marked the sharpest downturn in months for the major indexes and wiped out yearly returns for the S&P 500 and the Dow. The most recent reports showed that the Asian influenza had claimed at least 361 lives and infected more than 17,000 people in China. However, market participants said that investors appeared heartened by Monday data from the Institute for Supply Management, whose purchasing manager's index rose to a six-month high of 50.9% in January, versus expectations of a 48.5% reading. The Dow Jones Industrial Average DJIA, +0.51% closed up 142 points, or 0.5%, at 28,398, but had been up by as many as 374 points at Monday's peak. The S&P 500 index SPX, +0.73% rose 0.7% to end at 3,248, while the Nasdaq Composite Index COMP, +1.34% finished the session up 1.3% at 9,273. All closing levels are on a preliminary basis. In corporate news, shares of electric-vehicle maker Tesla Inc. TSLA, +19.89% finished the session 20% higher after bullish reports from a pair of analysts. Meanwhile, U.S. CLH20, +0.70% and international crude-oil prices finished Monday's session in a bear market, as the contracts fell by at least 20% from the recent peak. The viral outbreak in China represents a headwind for oil bulls because Beijing is one of the biggest importers of crude oil.
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February 04, 2020 at 04:08AM
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Stock market ends higher solidly higher Monday, but oil ends in bear market as Wall Street wrestles with coronavirus - MarketWatch
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