Could see pullback in markets: UBS Wealth Management's Rob Sechan



Kari Firestone, Aureus Asset Management CEO, and Rob Sechan, UBS Private Wealth Management, join ‘Fast Money Halftime Report’ to discuss the state of the markets amid the coronavirus outbreak and Federal Reserve chairman Jerome Powell’s comments before Congress yesterday.

Stocks rose to all-time highs on Wednesday as investors shook off concerns over how the coronavirus would impact corporate profits and the global economy. (Click here to get the latest news on the market).

The Dow Jones Industrial Average closed 275.08 points higher, or 0.9%, at 29,551.42. The S&P 500 advanced 0.6% to 3,379.45 while the Nasdaq Composite gained 0.8% to end the day at 9,725.96.

UnitedHealth climbed more than 4% to lead the Dow higher. Nike, Apple and Caterpillar all rose more than 2%. Tech and energy were the best-performing sectors in the S&P 500, climbing more than 1% each.

As of Tuesday night, China’s National Health Commission had reported 97 additional deaths with total confirmed cases passing 44,000. However, the pace of new reported cases appears to be slowing down as they hit their lowest levels since late January. Chinese lawmakers have also taken steps to curb a possible economic downturn from the coronavirus.

“Investors showed resilience by pushing stocks back to all-time highs, especially in the US, anticipating a strong V-shaped recovery when this is over,” Eylem Senyuz, global macro strategist at SunTrust Advisory, said in a note. But “as the coronavirus continues to spread across China and the globe, much of its impact remains unknown.”

Wynn Resorts and Las Vegas Sands, two stocks tied to coronavirus worries because of their exposure to the Chinese market, each rose more than 3%. Those gains follow an upgrade from a Bank of America analyst who recommended buying the stock because coronavirus cases were “leveling out.”

Delta and American Airlines climbed 1.4% and 2.1%, respectively.

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