Stocks Rebound from Worst Day Since October - InvestingChannel

Stocks Rebound from Worst Day Since October

Stocks rose on Tuesday following the market’s biggest sell-off in more than three months as investors grapple with lingering fears over a possible coronavirus outbreak.

The Dow Jones Industrials rebounded 129.68 points to 28,605.48.The S&P 500 regained 24.4 points at 3,268.03. The NASDAQ recovered 76.54 points to 9,215.85

In China, where the virus originated from, the virus has killed more than 100 people while over 4,500 have been infected. In the U.S. — where some coronavirus cases have been confirmed — the State Department advised Americans to “reconsider travel to China due to the novel coronavirus.”

The Centers for Disease Control and Prevention also said travelers should avoid all nonessential travel to China.

Meanwhile, the corporate earnings season continued with 3M, Pfizer and Harley-Davidson releasing their quarterly numbers. Pfizer and 3M posted disappointing earnings for the previous quarter, sending Pfizer down 2.6%, and 3M shares off 2.8%.

Harley-Davidson’s earnings per share beat expectations, but a disappointing revenue figure helped send the stock down 4.6%.

Of the S&P 500 companies that have reported thus far, 67% have posted better-than-expected earnings. Apple is among the S&P 500 components set to report after Tuesday’s close.

On the data front, U.S. consumer confidence rose more than expected in January as sentiment around the labor market improved. The major averages hit their session highs following the data’s release.

Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.64% from Monday’s 1.6%. Treasury prices and yields move in opposite directions.

Oil prices inched up 12 cents to $53.26 U.S. a barrel. Gold prices slid $4.70 to $1,572.70 U.S. an ounce.

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