Stocks Close at Record Highs as Rally Rolls for a Fourth Day

The three major stock market indexes close at record highs after China says it will slash tariffs on $75 billion of U.S.-made imports beginning next week.
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  1. The three major stock market indexes closed at record highs after China said it would slash tariffs on $75 billion of U.S.-made imports beginning next week.
  2. Qualcomm is Real Money's Stock of the Day. The chipmaker said the coronavirus in China could have a "material" impact on its near-term profit forecasts.
  3. Twitter's TWTR fourth-quarter revenue topped $1 billion for the first time.

Stocks closed at record highs Thursday after China said it would slash tariffs on $75 billion of U.S.-made imports beginning next week as part of the phase one trade agreement with the United States.

The Dow Jones Industrial Average finished up 88 points, or 0.3%, to 29,379. The S&P 500 rose 0.33% to 3,345 and the Nasdaq gained 0.67% to 9,572.

The Dow Jones Industrial Average and the S&P 500 also set all-time intraday highs.

Boeing (BA) - Get Report, Microsoft (MSFT) - Get Report, and Apple (AAPL) - Get Report led the Dow's advance.

The moves by China to cut tariffs on some U.S. goods to 5% from 10% and other levies to 2.5% from 5% starting Feb. 14, also were seen as efforts by China to boost investor confidence amid growing risks from the coronavirus outbreak, which has killed 565 people and infected more than 28,000.

The official rate of infection, appears to be stabilizing, while at the same time health officials said the mortality rate of the virus, at just more than 2%, makes it far less lethal than the SARS outbreak of 2003, which killed 800 people around the world.

Li Wenliang, one of the first doctors who tried to alert the public about the coronavirus outbreak, has died, Wuhan Central Hospital confirmed. 

Bristol-Myers  (BMY) - Get Report posted stronger-than-expected fourth-quarter earnings and forecast solid 2020 sales and profit as the $74 billion takeover of Celgene continues to boost its bottom line.

Twitter's  (TWTR) - Get Report fourth-quarter revenue topped $1 billion for the first time as users returned to the microblogging platform amid efforts to reduce hate speech and abusive posts. The company was leading the S&P 500,

Tyson Foods  (TSN) - Get Report cautioned that near-term challenges will impact second-quarter growth after the meatpacker posted first-quarter earnings that were largely in-line with Wall Street forecasts.

Earnings expected after the closing bell Thursday include Uber Technologies  (UBER) - Get Report and Activision Blizzard  (ATVI) - Get Report .

Bristol-Myers, Tyson Foods and Activision Blizzard are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

Qualcomm QCOM is Real Money's Stock of the Day. Shares fell Thursday after the chipmaker said the coronavirus in China could have a "material" impact on its near-term profit forecasts and disrupt global smartphone demand and supply chains.

The warning offset fiscal first-quarter earnings and revenue from Qualcomm that topped analysts' expectations.