NEW YORK - The S&P 500 and the Nasdaq closed at record highs on Monday as Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was protracted by the deadly coronavirus outbreak.
But generally upbeat earnings, positive economic data and China's recent stimulus have attracted buyers to the US equities market. Tesla Inc's stock rose 3.1% after its Shanghai factory resumed production, and iPhone maker Foxconn re-started a key plant in China with 10% of its workforce. That is cold comfort for Apple, whose iPhone sales in China could plunge by as much as 50% due to the virus, according to analysts.
Of the 11 major sectors in the S&P 500 all but energy ended the session in the black, with technology and consumer discretionary shares posting the largest percentage gains.
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