· Apple sparks Wall Street bounce ahead of results
U.S. stocks rebounded on Tuesday, as the S&P 500 bounced back from its worst day in nearly four months, led by a climb in Apple and other names hit by exposure concerns to the coronavirus outbreak in China that sparked a recent sell-off.
The Dow Jones Industrial Average .DJI rose 186.3 points, or 0.65%, to 28,722.1, the S&P 500 .SPX gained 32.6 points, or 1.01%, to 3,276.23 and the Nasdaq Composite .IXIC added 130.37 points, or 1.43%, to9,269.68.
The Dow snapped a five-session losing streak, its longest drought without a gain since early August.
Apple Inc (AAPL.O) shares led each of the three major indexes higher, up 2.83% ahead of its fourth-quarter results expected after markets closed.
Investors will keep a close watch on Apple’s earnings amid concerns of a disruption in iPhone production as the coronavirus spreads across major markets such as China.
Markets across the world stabilized as the head of the World Health Organization (WHO) said he was confident in China’s ability to stem the virus outbreak, which has killed 106 people in the country, prompted businesses to close operations and curbed travel.
Still, the U.S. health and human services secretary said new steps were being considered to counter the virus, including travel restrictions to China.
· Asia stocks trade higher as Apple suppliers mostly rise amid strong iPhone sales
Stocks in Asia traded higher on Wednesday morning after stocks on Wall Street recovered overnight from their biggest sell-off in more than three months amid coronavirus fears.
In Japan, the Nikkei 225 was up 0.38% while the Topix index gained 0.22%. South Korea’s Kospi also added 0.43%.
Meanwhile, stocks in Australia rose in morning trade, with the S&P/ASX 200 up about 0.5%.
Overall, the MSCI Asia ex-Japan index traded 0.17% higher.
The moves came after shares in Asia slipped on Tuesday, with South Korea’s Kospi dropping about 3%.
Meanwhile, shares of Apple suppliers in Asia were mostly higher on Wednesday morning, after the Cupertino-based tech giant posted earnings and iPhone sales that smashed expectations.
Markets in China remain closed on Wednesday for a holiday.
· Hong Kong stocks plummet nearly 3% on return from Lunar New Year holiday amid coronavirus concerns
Shares in Hong Kong plummeted Wednesday morning as they returned from a holiday amid coronavirus fears.
The Hang Seng index dropped almost 3% in early trade.
Reference: Reuters, CNBC
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