U.S. stock benchmarks opened at fresh records Tuesday morning, with analysts attributing strength in part to signs that the spread of the coronavirus in China may be abating. The gains were enough to push the three major equity indexes to records after the opening bell. Meanwhile, market participants were bracing for congressional testimony later Tuesday from Federal Reserve Chairman Jerome Powell, who said in prepared remarks that the central bank is monitoring the viral outbreak in China. The Dow Jones Industrial Average DJIA, +0.12% gained 120 points, or 0.4%, at 29,396, trading above its closing record. The S&P 500 index SPX, +0.43% gained 0.4% to 3,365, while the Nasdaq Composite Index COMP, +0.58% advanced 0.5% at 9,678. The S&P 500 and the Nasdaq both set intraday all-time highs at the start of trade. The number of new, confirmed cases fell to 2,478 from 3,062 a day earlier, bringing the total to 42,638 on the mainland, including some of whom have since recovered and been released from treatment. In corporate news, shares of T-Mobile US TMUS, +11.30% and Sprint S, +72.60% surged after The Wall Street Journal said that a federal judge was about to approve their merger.
See Full Story S&P 500, Nasdaq hit records but off Tuesday highs as Powell delivers testimony
U.S. stocks traded mostly higher Tuesday, but enough to carve out fresh records for the S&P 500 and the Nasdaq, with investors attributing continued optimism surrounding equities to signs of a slowdown of cases of the deadly coronavirus in China.