Stocks rose solidly in early trading Wednesday as investors regained an appetite for risk after two days of heavy losses.
The sharp drops, which wiped out the market's gains for the year, were brought on by worries over economic fallout from the virus outbreak that originated in China.
The virus continues to spread and threatens to hurt industrial production, consumer spending, and travel. More cases are being reported in Europe and the Middle East. Health officials in the U.S. have been warning Americans to prepare for the virus.
Investors are setting aside some of their concerns for the time being and bid up technology stocks. Microsoft rose 1.5 percent and Adobe rose 1.8 percent. The tech sector was among the worst hit by sell-offs this week as many of the companies rely on global sales and supply chains that could be stifled by the spreading coronavirus.
Health care companies also climbed. UnitedHealth Group rose 1.9 percent.
Bond prices fell and pushed yields higher. The yield on the 10-year Treasury rose to 1.36 percent from 1.33 percent late Tuesday.
TJX, the parent of retailer TJ Maxx, surged 7.7 percent after beating Wall Street's fourth-quarter profit forecasts and raising its dividend.
Utilities and real estate companies lagged the market in another sign that investors were shifting away from safe-play stocks.
VIRUS UPDATE: The virus outbreak has now infected more than 81,000 people globally and continues spreading. Brazil has confirmed the first case in Latin America. Germany, France, and Spain were among the European nations with growing caseloads. New cases are also being reported in several Middle Eastern nations.
President Donald Trump will hold a news conference later Wednesday, along with representatives from the Centers for Disease Control, to discuss the virus.
KEEPING SCORE: The S&P 500 index rose 1.2 percent as of 10:20 a.m. Following its two-day drop, it's still down 6.4 percent from the record high it reached last Wednesday.
The Dow Jones Industrial Average rose 335 points, or 1.2 percent, to 27,423. The Nasdaq rose 1.5 percent. The Russell 2000 index of smaller-company stocks rose 0.6 percent.
European markets were mixed and Asian markets fell.
MOUSE EXIT: Disney fell 0.5 percent following Bob Iger's surprise announcement that he will immediately step down as CEO of the entertainment company. Iger steered the company's absorption of big moneymakers, including Star Wars, Pixar, Marvel and Fox's entertainment businesses. He also oversaw the launch of the Disney Plus streaming video service.
BUSTED BUILDERS: Toll Brothers fell 10.1 percent and weighed down other homebuilders after reporting disappointing fiscal first-quarter profit. D.R. Horton fell 2.7 percent and PulteGroup shed 2.9 percent.
Less than six months after making its public debut on the NYSE, Chinese ride-hailing giant Didi says it will delist in the U.S. and pivot to Hong Kong instead. Chinese regulators are citing cybersecurity and data concerns. Shehzad Qazi, Managing Director, China Beige Book International joined Cheddar's Opening Bell to discuss.
As offices shifted to remote schedules, and people were forced into a new way of work, many began to re-think their career path and their purpose in the workforce, leading to what many are calling 'The Great Resignation.' During the last year, Americans quit their jobs in unprecedented numbers, seeking more flexibility, better benefits, a higher salary, and ultimately greater independence. Danielle Neal, CEO of Digital with Danielle, is just one of the millions who quit their job during the pandemic, and she joined Cheddar's Opening Bell to tell her story.
As Americans quit their jobs in record numbers this year, companies have been scrambling to try and fill those gaps. Gad Levanon, head of the labor market institute at The Conference Board, says companies need to focus more on salary if they want to better retain their employees. Levanon joined Cheddar to discuss the labor shortage, the "Great Resignation," and what companies can learn from it going into 2022.
The U.S. has seen several retailers across the country forced to close their brick-and-mortar stores amid the rise of e-commerce over the past few years. However, we are in the midst of a brick-and-mortar boom, with retailers expected to open more stores this year than they close, for the first time since 2017, according to an analysis of more than 900 chains by IHL Group, a research and advisory company. At the same time, the e-commerce businesses of retailers have become more dependent on physical stores to fulfill orders, especially during the holiday shopping season. Lionesque Group CEO Melissa Gonzalez joins Cheddar News' Closing Bell to discuss.
Stocks closed higher Tuesday with the S&P 500 and Nasdaq marking their best day since March. Tech stocks and chipmakers were on the move, lifting the Nasdaq higher as investors shake off recent COVID-19 omicron variant fears. Chris Konstantinos, Chief Investment Strategist at RiverFront Investment Group, joins Cheddar News' Closing Bell to discuss today's close, investor sentiment around COVID-19, inflation's impact on markets, and more.
Alyse Killeen, Founder & Managing Partner at Stillmark VC, joins Cheddar News' Closing Bell to discuss what the jury had to evaluate in the Craig Wright trial and if uncovering the identity of Bitcoin inventor Satoshi Nakamoto will actually impact crypto investors.
Heila Technologies, a startup that develops hardware and software to integrate renewables and batteries on a microgrid, is helping to power the first clean energy microgrid for Auto Mercado, a top supermarket chain in Costa Rica. The plant will reduce 20 tons of CO2 emissions per year. Heila Technologies CEO Francisco Morocz joins Cheddar Climate to discuss.
GitLab CFO Brian Robins joined Cheddar's "Closing Bell" to discuss the single platform software development app's first earnings report since going public in October. The company frames itself as a one-stop-shop for businesses to transition into software development to manage in-network chat, video conferencing, and meeting scheduling among other applications. GitLab saw Q3 revenue jump 58 percent and was able to add a number of new customers since its IPO.
Bitcoin had a tough last few days. In just a 24-hour period spanning early Friday morning to early Saturday morning, bitcoin's price went from about $57,000 to $47,000. Patrick McCconlogue, CEO of Overline, joins Cheddar News discuss bitcoin's plunge.
The leading gaming organization and lifestyle brand 100 Thieves just raised $60 million in new funding closing its Series C. This new round of funding has raised the valuation of the organization to about $460 million. John Robinson, president and COO of 100 Thieves, joins Cheddar News to talk about what's next for the company.
