Wall Street rebounds from China virus fears

Stocks on Wall Street bounced back TUESDAY after Monday's steep losses. A rally in Apple and other tech stocks helped the major indexes recover from their worst sell-off in about four months. Also helping stabilize global markets: the head of the World Health Organization said he's confident in China's ability to contain the coronavirus outbreak. The S&P 500 gained 1%.

Multivariate managing member, Max Wolff says the coronavirus still poses risks.


"I think today there's a bit of a relief that maybe the worst fears were that - fears - as opposed to realities. I do think this is a fast-moving target and we don't know enough yet."

Back on Wall Street, shares of 3M dropped sharply, weighing on the Dow. The industrial conglomerate that makes everything from Post-It notes to air filters forecast disappointing profit for 2020 as it faced sluggish demand in Asia.

Xerox did just the opposite. Shares jumped after its profit forecast for this year exceeded Wall Street's expectations.

Ahead of releasing its earnings after the bell, shares of Apple rallied. Investors will be listening on the conference call for comments regarding any possible disruption in iPhone production amid the virus outbreak that has spread across major markets.