The Chinese virus outbreak caused lots of turmoil in the stock market. Analysts fear that the virus will result in the stock’s collapse, but so far, the futures are enduring. Some shares lowered significantly, but others continue to rise. Overall, the market stopped its rally and stays calm.
S&P 500 and Nasdaq are among the gaining stocks. They were hitting high on Wednesday, heading for closing records. Meanwhile, IBM shares were driving tech stocks higher, which caused the 3% growth.
Boeing shares dropped by 2%, keeping the Dow Jones index just below its all-time high. Boeing’s CEO, Dave Calhoun, declared that the company is going to resume the production of the 737 Max before regulators sign off on the plane. This statement has boosted Boeing’s shares, so it’s now down only for 0.6%. The company will continue to pay its dividends too – said Calhoun. After the Boeing retained investors’ trust, the Dow continued its rise.
Apple’s shares also grew almost 1% on Wednesday, which is another all-time high for the stock. Apple has jumped more than 108% in the last 12 months. Yesterday it hit $319.99 per share at one point. The average 12-month price target on Wall Street is $290.98 per share, which is about 9% lower than its current price, according to FactSet.
Netflix Shares Dropped about 2.4%, while Tesla Climbs Higher
Tesla closed off its highs of the day. However, Netflix was heavily sold. Its stock dropped nearly 4% towards the end of the day. Jon Najarian, Longtime options and “Halftime Report” trader, said that he’d joined the Greenlight Capital founder David Einhorn in a bet against Netflix.
According to Najarian, the video streamer’s stock is so expensive; it can’t afford to disappoint Wall Street’s subscriber expectations again. CNBC reported before Najarian that Einhorn increased his short bet against Netflix in late 2019.