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US stocks recover prior day’s losses

Agence France-Presse

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Traders work on the floor of the New York Stock Exchange on 27 January 2020. (AFP)

Wall Street stocks bounced early Tuesday, shrugging off mixed earnings and recovering some of the prior session’s losses over the coronavirus.

Authorities remain fixated on the virus, which has already killed 106 people in China and spread to around 15 countries.

But analysts said Tuesday’s early gains reflected investors anticipating a rally in shares following Monday’s rout.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,611.75, up 0.3 percent. The index fell 1.6 percent on Monday.

The broad-based S&P 500 advanced 0.4 percent to 3,255.96, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 9,188.92.

Orders of durable goods for December topped expectations, although some analysts pointed to weakness in the underlying data suggesting vulnerabilities in business investing.

Pfizer slumped 3.3 percent as it reported a $337 million loss in the fourth quarter on lower sales.

Fellow Dow member 3M sank 4.7 percent as it announced it was cutting 1,500 jobs and took a charge of $134 million in restructuring expenses. Net income in the fourth quarter fell 28.1 percent to $969 million.

Among others reporting results, United Technologies gained 1.0 percent, Lockheed Martin won 0.3 percent and Harley-Davidson dropped 2.6 percent.

Apple jumped 1.5 percent ahead of its earnings report after the market closed Tuesday. A report from Nikkei said Apple had ordered higher iPhone production from suppliers, but said the push could be complicated by the coronavirus.

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