Wall Street reaches record closing highs amid coronavirus slowdown

Wall Street reached new record highs on Wednesday as investors recover appetite over coronavirus slowdown.

Technology shares led the rally that lifted three major U.S. stock averages to new highs. The S&P 500 and Nasdaq closed three consecutive highs. The Dow achieved its most recent record on Feb. 6.

New coronavirus cases in China tallied its lowest in two weeks. The epidemic could be over by April, said a senior Chinese medical adviser.

The outbreak caused worries across markets, and the World Health Organization warned that it was a global threat.

The Dow Jones Industrial Average gained 0.94%, or 274.46 points, to 29,550.8. The S&P 500 rose 0.64%, or 21.63 points, to 3,379.38. The Nasdaq Composite was up 0.9%, or 87.02 points, to 9,725.96.

351 companies in the S&P 500 reported their fourth-quarter sales. 70.9% of the companies surpassed analyst estimates. Aggregate fourth quarter sales reported to grow at 2.4%.