REUTERS: The S&P 500 and Nasdaq indexes were set to hit record highs at the open on Tuesday as a top Chinese health adviser said the coronavirus outbreak may plateau in the next few weeks, while Sprint shares soared after winning a federal judge's approval for its merger with T-Mobile.
"For the time-being investors are willing to say 'we are going to invest in what we know' and what we know right now is that the U.S. economy is in pretty good shape, earnings have been better than expected and the Fed continues to have our back," said Art Hogan, chief market strategist at National Securities in New York.
The S&P 500 and the Nasdaq closed at record highs on Monday as largely better-than-expected quarterly earnings, positive U.S. economic data and China's recent stimulus measures helped investors look past fears about the virus fallout. T-Mobile shares jumped 9.6per cent, while larger rivals Verizon Communications Inc and AT&T Inc rose 0.5per cent and 0.7per cent, respectively.
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