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S&P, Nasdaq close at new records as coronavirus fears fade

|By: , SA News Editor

Stocks rallied again, with the S&P 500 recouping all losses related to the coronavirus and closing at a new record high, as worries about the economic impact of the virus are pushed to the back burner.

The S&P climbed 1.1% while the Nasdaq edged 0.4% higher to also hit a new record close and the Dow Jones average ended ~60 points shy of its closing record.

The emerging consensus is that the economy is in good shape regardless of any impact from the virus, a sentiment that was supported today by new data showing the U.S. non-farm private sector in the U.S. added a higher than expected 291K jobs in January.

Ten of the 11 S&P 500 sectors ended higher, led by the energy sector (+3.8%) following a sustained weakness as WTI March crude oil closed +2.3% to $50.75/bbl; the real estate sector (-0.1%) was the day's only loser.

U.S. Treasury prices succumbed to selling interest for the second straight day, lifting the two-year yield by 4 bps to 1.45% and the 10-year yield by 5 bps to 1.65%.