(WBBM NEWSRADIO) -- Stocks closed sharply higher Wednesday, with the S&P 500 posting a new all-time closing high, as investors shook off fears surrounding the deadly coronavirus.
The S&P 500 gained 37, the NASDAQ added 40 and the Dow Jones Industrial Average closed up 483 points, settling to 29,290.
"To me, it was almost like a switch was flipped," Jim Welsh, Macro Strategist and Portfolio Manager at Smart Portfolios, said Wednesday night. “As soon as the People's Bank of China said that they were going to inject money into the Chinese banking system, concerns about the coronavirus pretty much just went away.”
He added that even though he has concerns surrounding the fast-spreading coronavirus, he doesn't think it will get so bad that it will derail the global economy.