The S&P 500 and Nasdaq hit record highs on Wednesday as a strong forecast from I...
- The S&P 500 and Nasdaq hit record highs on Wednesday as a strong forecast from IBM added to optimism over corporate earnings, while investors assessed risks from a virus outbreak in China.
International Business Machines Corp shares jumped 3.4% after it forecast full-year profit above market expectations on strength in its high-margin cloud computing business. Travel and airline stocks recovered moderately from sharp losses in the previous session as the outbreak revived fears of a pandemic similar to the Severe Acute Respiratory Syndrome in 2003 and came ahead of the Chinese Lunar New Year when millions of people travel.“Certainly, the market is spooked by it,” said Phil Blancato, chief executive officer of Ladenburg Thalmann Asset Management in New York.
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