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* Garmin climbs after upbeat revenue forecast
* China expected to cut benchmark interest rates
* Dow rises 0.5%, S&P climbs 0.6%, Nasdaq up 1%
(Updates to late afternoon)
By Caroline Valetkevitch
NEW YORK, Feb 19 (Reuters) - U.S. stocks rose on Wednesday
as optimism that China would take more measures to prop up its
economy eased concerns about the economic impact of the
coronavirus epidemic.
Stocks held gains following the release of minutes from U.S.
Federal Reserve's last policy meeting, which showed policymakers
were cautiously optimistic about their ability to hold interest
rates steady this year while acknowledging new risks caused by
the virus outbreak. The number of new coronavirus cases dropped for a second
straight day in China, although global health officials
cautioned it was too early to predict how the outbreak will play
out. China is widely expected to cut its benchmark lending
interest rate on Thursday, which would add to a number of
measures aimed at limiting the impact from business shutdowns
and travel curbs on the world's second-largest economy.
"It sounds as though investors are breathing a sigh of
relief that they believe the worst of the coronavirus is behind
us," said Paul Nolte, portfolio manager at Kingsview Investment
Management in Chicago.
Also, he said, "Investors are feeling emboldened because
central banks have got their back."
Apple Inc AAPL.O rose 1.5%, recouping most of the ground
lost on Tuesday on a surprise sales warning that highlighted
concerns about the impact of the virus on global supply chains.
The Dow Jones Industrial Average .DJI rose 145.7 points,
or 0.5%, to 29,377.89, the S&P 500 .SPX gained 20.08 points,
or 0.60%, to 3,390.37, and the Nasdaq Composite .IXIC added
97.01 points, or 1%, to 9,829.76.
The S&P 500 technology sector .SPLRCT was up 1.2%.
Also helping the technology sector was a 5.3% gain in
chipmaker Nvidia Corp NVDA.O after Bernstein raised its shares
to "outperform."
Among other stocks, Garmin Ltd GRMN.O jumped 7.3% after
the wearable fitness devices maker forecast full-year revenue
above analysts' estimates.
Advancing issues outnumbered declining ones on the NYSE by a
1.59-to-1 ratio; on Nasdaq, a 1.93-to-1 ratio favored advancers.
The S&P 500 posted 77 new 52-week highs and five new lows;
the Nasdaq Composite recorded 161 new highs and 47 new lows.