Nasdaq, S&P 500 Close at All-Time Highs; Stocks Post Gains for Week

The Nasdaq and S&P 500 close at all-time highs Friday as investors assess data on the coronavirus outbreak in China and U.S. consumer spending is mixed.
Author:
Updated:
Original:
  1. The Nasdaq and S&P 500 closed at all-time highs Friday as investors assessed data on the coronavirus outbreak in China and U.S. consumer spending was mixed.
  2. Coronavirus update: 1,384 deaths, with an 64,457 infected.
  3. Nvidia is Real Money's Stock of the Day. A surge in data-center sales helped the chipmaker post stronger-than-expected fourth-quarter profit.

The Nasdaq and S&P 500 came from behind to close at all-time highs Friday as investors continued to parse data on the coronavirus outbreak in China and data on U.S. consumer spending was mixed.

Stocks did manage to post a gain for the week.

The overall number of confirmed cases of the coronavirus -- known as Covid-19 - has risen to just below 65,000 and the number of deaths from the disease has climbed to 1,384.

Investors on Wall Street and overseas this week largely have ignored the grim reality of the virus and its potential economic fallout, lifting U.S., European and global stocks to all-time highs even as cash continues to find its way into defensive assets such as Treasury bonds, gold, the dollar and the yen.

The Nasdaq finished up 19.21, or 0.20% to 9,731.18, while the S&P 500 rose 6.22, or 0.18%, to 3,380.16. The Dow Jones Industrial Average ended down 25 points, or 0.09%, to 29,398 after earlier trading as low as 29,283.18.

Retail sales in the United States rose 0.3% in January, matching economists' forecasts, as sales at furniture and hardware stores climbed. Retail sales rose for a fourth straight month. But control group retail sales were flat in January from December and December's increase of 0.5% was revised down to 0.2%.

The University of Michigan’s consumer sentiment index for February was 100.9, topping  economists' estimates of 99.5.

Tesla  (TSLA) - Get Report priced its $2 billion stock offering at $767 a share, the company said in a filing with the Securities and Exchange Commission, raising around $2.03 billion in total proceeds. The price is a 4.6% discount to Thursday's closing price of $804, which valued the electric vehicle company at $145.8 billion. Tesla spiked to a record high of $968.98 last week on better-than-expected financial results and analyst upgrades.

Expedia (EXPE) - Get Report, which reported strong fourth quarter earnings, and Nvidia (NVDA) - Get Report were the top gainers on the S&P 500 and the Nasdaq.

Nvidia rose sharply after a surge in data-center sales helped the chipmaker post stronger-than-expected fourth-quarter profit.

Nvidia said adjusted earnings in the quarter were $1.89 a share, beating analysts' forecasts of $1.67. Revenue rose 40% to $3.11 billion, as data-center sales, which make up a third of the overall total, surged 43% from a year earlier.

Nvidia noted, however, that the still-unknown impact of the spreading coronavirus in China would clip current-quarter revenue by around $100 million. The company expects revenue of $2.94 billion to $3.06 billion in the first quarter, still above analysts' forecasts of $2.85 billion.

Roku  (ROKU) - Get Report ended lower Friday after the maker of streaming-media devices reported a fourth-quarter loss narrower than analysts' estimates, an increase in revenue and better-than-expected subscribers numbers. Roku posted a quarterly loss of 13 cents a share on revenue of $411 million. Analysts has been expecting a loss of 14 cents a share on revenue of $391.6 million.

Subscribers to Roku's platforms jumped to 36.9 million, ahead of Wall Street's expectations of 36 million. Roku added 4.6 million new customers during the fourth quarter. Shares traded higher in the morning but slid to close off $8.80, or 6.3%, at $130.25.

Canopy Growth  (CGC) - Get Report rose sharply, ending up 13.4% at $22.13, after the Canadian cannabis company reported an adjusted EBITDA loss of C$91.7 million, narrower than analysts' estimates of a loss of C$110 million.