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US Stocks rebound on bargain hunting
29-Jan-20   08:13 Hrs IST
The US equity market finished session higher on Tuesday, 28 January 2020, as investors chased for bottom fishing in recently battered stocks, particularly chipmakers and other technology and financial companies stocks on easing concerns on the economic impact of the coronavirus outbreak in China after soothing statement from U.S. health officials. The gains were also propelled as investors were wading through a tide of quarterly results from a number of high-profile companies as earnings reporting season picks up steam. At closing bell, the Dow Jones Industrial Average gained 187.05 points, or 0.66%, to 28,722.85 while the S&P 500 index rose 32.61 points, or 1%, to 3,276.24. The Nasdaq Composite index rose 130.37 points, or 1.43%, to 9,269.68.

Investors placed their concerns about the virus' potential economic impact on the back burner and snapped up stocks beaten down earlier in the week, particularly chipmakers and other technology companies.

The bargain buying propelled on calming fears on the economic impact of the coronavirus outbreak in China after the head of the World Health Organization (WHO) said he was confident in China's ability to stem the virus outbreak. More than 4,500 people have been confirmed ill with the virus and 106 have died with the coronavirus centered in the Chinese city of Wuhan, an industrial hub along the Yangtze river, prompted businesses to close operations and curbed travel.

The United States and several other nations were taking steps to airlift citizens out of a Chinese city at the center of the outbreak. Still, U.S. health officials said Tuesday that, for now, the risks to Americans is very low.

Shares of Apple was one of the big gainers in the technology sector, up 2.8% and continued to climb in extended trading after it released better than expected quarterly results following the closing bell. Chipmakers also made solid gains, with Intel up 2.5% and Nvidia up 3.2%

Banks and other financial companies also climbed, along with communications stocks. Utilities, real estate companies and household goods makers notched the smallest gains as investors shifted less money into safe-play sectors.

On U.S. economic data front, December durable goods orders surged 2.4% in December owing to defence spending, but business investment in the civilian part of the economy declined again to finish the year on a weak note. Excluding defence spending durable goods orders sank 2.5% and the government revised orders for November to show an even bigger 3.1% drop.

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