The S&P 500 and Nasdaq both saw another record close, up less than 0.25% each. The Dow closed almost exactly even, down 0.04 points.
rose marginally on Tuesday — eking out fresh record closing highs — as investors digested testimony from the top U.S. central banking official and assessed the potential economic impact of the coronavirus.rose as much as 138 points before closing around the flatline. The three major averages hit intraday records earlier in the day.
"The coronavirus clearly presents a risk to the global economy," said Danielle DiMartino Booth, CEO of Quill Intelligence. "The Chinese economy is four times greater than it was during the SARS outbreak and China has established itself as the most critical link in the global supply chain."China's National Health Commission on Monday night said the death toll had risen to 1,016 people with 42,638 confirmed cases.
However, companies such as Under Armour have noted they will take a hit from the outbreak. Under Armour warned Tuesday the outbreak"While the stock market assumes no impact from the virus as we continue to chug higher, expect much more of this kind of talk as companies figure out the full effect," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "For many companies, these sales will not be made up.
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