February 5, 2020 5:09 pm
NEW YORK (AP) – Health care and financial stocks led another milestone-setting rally on Wall Street Wednesday, extending the market’s gains for the week.
The Dow Jones Industrial Average climbed more than 480 points and the S&P 500 index and Nasdaq composite each hit an all-time high.
The latest gains came as another batch of solid corporate earnings reports and encouraging economic data overshadowed concerns about the potential economic fallout from the virus outbreak that originated in China.
The latest jobs survey by payroll processor ADP indicated hiring accelerated better than expected last month. A separate report showed economic activity increased in January.
“The earnings numbers that we’ve gotten for the most part have been pretty solid, and the ADP report was a blowout on the good side,” said Scott Ladner, chief investment officer for Horizon Investments.
The S&P 500 index rose 37.10 points, or 1.1%, to 3,334.69. The Dow climbed 483.22 points, or 1.7%, to 29,290.85. The average briefly climbed above 500 points.
The Nasdaq gained 40.71 points, or 0.4%, to 9,508.68. The index, which is heavily weighted with technology stocks, also notched a record high on Tuesday.
The Russell 2000 index of smaller company stocks picked up 25.15 points, or 1.5%, to 1,681.92.
