According to Yahoo Finance:

The S&P closed in record territory Wednesday as investors bet that efforts to contain the outbreak of the coronavirus and support from the central banks will limit its impact on global growth.

The S&P 500 rose 1.13% and the Nasdaq Composite rose 0.43%, both record closes. The Dow Jones Industrial Average gained 1.68%.

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The coronavirus outbreak appears to be gathering pace, with the death toll nearing 500, and more than 24,000 infected. But traders appear optimistic that efforts to contain the outbreak will begin to take shape sooner rather later and any potential economic fallout will be stifled by central banks.

That eased worries about the impact on China oil demand, sparking a bid in oil prices that powered energy stocks up 3.7%, marking the sector’s biggest gain since December 2018.