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Nasdaq Spikes To New Record Intraday High

(RTTNews) - Stocks continue to see substantial strength in afternoon trading on Tuesday after moving sharply higher earlier in the session. The major averages are extending the rebound seen in the previous session, with the tech-heavy Nasdaq soaring to a new record intraday high.

Currently, the major averages continue to hover near their best levels of the day. The Dow is up 485.63 points or 1.7 percent at 28,885.44, the Nasdaq is up 189.20 points or 2 percent at 9,462.60 and the S&P 500 is up 55.69 points or 1.7 percent at 3,304.61.

The rally on Wall Street comes on the heels strength in overseas markets, with Chinese stocks rebounding following the nosedive seen as trading resumed on Monday.

Optimism about further Chinese stimulus contributed to the rebound, helping offset concerns about the impact of the ongoing coronavirus outbreak.

The coronavirus has now claimed 425 lives and infected more than 20,000 people in mainland China, although some traders still feel the sell-off last Friday was overdone.
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