By Justin Pei
Rochester – After suffering losses early Monday, stocks rebounded as investors continue to weigh in the threat posed by the ongoing coronavirus outbreak in China.
The Dow Jones gained 110 points or 0.4% after previously dropping off more than 100 points at the start of the session. The S&P 500 also gained 0.4% while the Nasdaq Composite rose 0.6%.Tech shares gained the most on Monday. Amazon’s stock rose 1.9%, breaking $2,100 per share for the first time while the Nvidia stock also jumped more than 2%.
Despite Monday’s gains, investors are still worried about the impact the coronavirus will have on China, which is the world’s second largest market. Apple’s shares fell as much as 1.8% amid concerns that the virus will impact iphone production in China. Apple supplier Foxconn got approval to resume production in Zhengzhou, a key manufacturing plant in China.
However, Reuters reported that only 10% of the workforce have returned to the key China plant so far. Wall Street Bull and president of Yardeni Research, Ed Yardeni told CNBC’s Trading Nation that coronavirus is the biggest threat to the stock market right now.
“The longer that this virus threat continues to weigh on the global economy, the more it poses a risk for at least a correction in the stock market.” he said on CNBC.