11Feb2020 Market Close: Wall Street Equities Surge To Record Highs On Hopes Virus Is Peaking, Gold Ebbs, DOW Closed Down 48 Cents, WTI Crude Closed At The Support Level 49.93

Written by Gary

SP 500, Nasdaq edge up to record closing highs for second day (SPY +0.2%). China’s senior medical adviser suggested the deadly coronavirus may be over by April.

The Market in Perspective

Here are the headlines moving the markets.
	Hyundai signs development deal with another electric vehicle startup Korean automaker Hyundai Motor Co broadened its future transportation portfolio with an agreement to jointly develop electric vehicles with California startup Canoo, the companies said on Tuesday.
	Lyft tops $1 billion quarterly revenue, forecasts slower growth in 2020 Lyft Inc on Tuesday reported record quarterly revenue of more than $1 billion, but the ride-hailing company forecast slower growth in the new year as ridership growth stagnated in the second half of 2019, sending shares down.
	Samsung unveils foldable Galaxy Z phone, Galaxy S with 5G Samsung Electronics on Tuesday unveiled a foldable smartphone shaped like a large makeup compact, its second try at a novel technology that the South Korean cell phone maker hopes will set it apart from rivals Apple Inc and Huawei.
	S&P 500, Nasdaq edge up to record closing highs for second day The S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday after Chinese officials said the deadly coronavirus epidemic could be contained by April.
	Exclusive: FAA agrees with inspector general recommendations to improve Southwest oversight The Federal Aviation Administration says it agrees with recommendations made by the U.S. Transportation Department’s Inspector General that faulted its oversight of Southwest Airlines Co, according to a final report seen by Reuters ahead of its release later this week.
	Fed’s Powell says economy in good place, warns on coronavirus Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, even as he cited the potential threat from the coronavirus in China and concerns about the economy’s long-term health.
	Wells Fargo CEO Scharf shakes up management at scandal-hit bank Wells Fargo & Co Chief Executive Charles Scharf announced his first major reshuffle on Tuesday, promoting several executives to new roles while also tapping a JPMorgan veteran to head consumer lending.
	FTC demands data on small buys by Google, Amazon, Apple, Facebook, Microsoft The Federal Trade Commission has issued special orders to Alphabet Inc’s Google unit, Amazon.com Inc , Apple Inc , Facebook Inc and Microsoft Corp to provide information on mergers that were too small to report to antitrust regulators, the FTC said on Tuesday.
	Stocks surge to record highs on hopes virus is peaking, gold ebbs Major U.S. and European stock indexes surged to fresh records on Tuesday after China’s senior medical adviser suggested the deadly coronavirus may be over by April, an outlook that also helped crude prices gain on hopes of renewed Chinese demand.
	China’s virus outbreak could infect India’s weak economy China’s virus outbreak could infect India’s weak economyThe virus epidemic will weigh on India’s outlook at a time when the govt is forecasting a rebound, the CEA said.
	Inside India’s new plan to power EV dream Inside India’s new plan to power EV dreamEVs charging infrastructure will be available at every four kilometres in big cities within a year, sources said.
	The clear message from Delhi elections The clear message from Delhi electionsPeople didn’t just recognise AAP’s work, but also rewarded it with their votes. That is a significant shift.
	Earnings Watch: Roku earnings preview: First read on Disney and Apple impacts Fresh off a carriage renegotiation with Fox Corp., Roku Inc. is about to face another test.
	Lyft tops $1 billion in quarterly revenue for first time, but stock dips in late trading Lyft Inc. reported its first quarter with more than $1 billion in revenue on Tuesday, but shares slipped in late trading.
	Key Words: Investors face much bigger concerns than the coronavirus, warns the man behind the world’s biggest hedge fund Ray Dalio, who oversees $160 billion in assets for Bridgewater Associates, acknowledged last month that he’s a œdumbshit when it comes to pandemics, but that’s not stopping him from pressing pause on the coronavirus panic button.

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