Trader Peter Tuchman and specialist trader Michael Pistillo wear DOW 29,000 hats on the floor at the New York Stock Exchange (NYSE) in New York, January 15, 2020.
Brendan McDermid | Reuters
Dow Jones Industrial Average rises 174 points
The Dow gained 174.31 points, or 0.60%, to close at 29,276.82. The S&P 500 gained 0.73% to end at 3,352.09. The Nasdaq Composite rose 1.13% to 9,628.39. Stocks rebounded as Amazon shares led other major tech shares higher. The S&P and Nasdaq closed at new highs.
Amazon record outweighs coronavirus fears
Amazon shares rose 2.63% to reach a record high, leading Alphabet and Netflix higher and pushing the Nasdaq to an all-time high. Those gains helped the major averages recover from a drop in early trading and offset concerns over how the coronavirus could impact the Chinese economy. More than 40,000 coronavirus cases have been confirmed while the death toll has topped that of the SARS outbreak in the early 2000s. Still, the major averages keep trading around record levels. However, other market indicators, such as oil and copper prices, continue to point to slower economic growth.