Stocks closed higher Wednesday, as the S&P 500 and NASDAQ notched a fresh set of record highs, while investors continued to weigh the impact of coronavirus on economies around the globe.
The S&P 500 gained 15, the NASDAQ added 84 and the Dow Jones industrial average closed up over 115 points, settling to 29,348.
“The assumption everyone is making is that the data coming out of China is truthful and the data is indicating that things are getting better. People want to believe that the virus and the fallout from that is going to diminish," Jim Welsh, Macro Strategist and Portfolio Manager at Smart Portfolios.
"The net result is we are going to have a ‘V’ bottom, and then we're going to be off to the races. That is what investors continue to choose to believe. I think one should have a little bit more skepticism regarding the data coming out of China."
He also noted that for long-term investors his advice is to wait and be patient and not overreact to every headline.