Wall Street stands on record highs as virus’ impact concerns subside

Wall Street stands on record highs as virus’ impact concerns subside

Wall Street gained record highs on Thursday as traders cast aside piling concerns on the coronavirus spreading in China.

The Nasdaq Composite climbed 0.67% while the S&P 500 went up 0.33%. Meanwhile, the Dow Jones Industrial Average was 0.3%, marking all 3 major averages in record territory.

Tech markets carried the day, benefiting from a surge in Twitter and chip stocks.

Twitter soared 15% while chipmaker Qualcomm reported losses to end only 0.3% lower. However, Qualcomm warned that the coronavirus may have a much heavier impact on its near-term profits.

The death toll from the virus reached 564 in China, while the infected worldwide topped to 28,000. However, the World Health Organization said that it was “too early” to call the situation a pandemic. Deaths outside of China are yet to be reported.