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Economic hit in the US brings Tesla stock to surge nearly 14%

Arhama AltafWeb Editor

05th Feb, 2020. 02:06 pm
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Economic hit

Wall Street stocks jumped gaining for a second straight session as fears eased over an economic hit from the coronavirus outbreak in China.

Major US indices rose more than one percent, with analysts citing economic hit measures for cushioning the blow in that country.

As well as the extremely limited spread of the ailment so far in the United States.

The Dow Jones Industrial Average gained 1.4 percent to finish the session at 28,807.63.

The broad-based S&P 500 advanced 1.5 percent closing at 3,297.59, while the tech-rich Nasdaq Composite Index surged 2.1 percent to 9,467.97.

The gains added to the February recovery following Friday’s rout on rising fears that the virus outbreak would derail global growth.

According to officials, the growth will take a hit at least in the first quarter.

The companies seeing a rebound included travel-oriented stocks that tumbled last week.

The company includes United Airlines, which surged 5.3 percent and Marriott International, which advanced 4.2 percent.

Meanwhile, Tesla surged 13.7 percent, adding to a nearly 20 percent rise as it continued to reach new records.

Most other leading technology companies also advanced, including Apple, Amazon and Netflix, all of which won at least two percent.

An exception was Google-parent Alphabet, which slid 2.6 percent.

fourth-quarter sales reported that missed expectations despite stellar growth at YouTube.

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