Stocks Ended Higher on Solid Earnings

U.S. stocks Ended higher on Monday, with the S&P 500 and Nasdaq Composite each posting a record finish, after a firm round of corporate earnings offset concerns about the spread of the coronavirus. The Dow Jones Industrial Average rose 174.31 points, or 0.60%, to 29,276.82. The S&P 500 added 24.38 points, or 0.73%, to 3,352.09. The Nasdaq Composite jumped 107.88 points, or 1.13%, to 9,628.39.

Oil futures fell on Monday to their lowest settlement in more than a year, undercut by the hit to Chinese demand for crude in the wake of the coronavirus outbreak and indications OPEC and its allies are unlikely to immediately deliver an additional cut to production. West Texas Intermediate crude for March delivery fell 75 cents, or 1.5%, to settle at $49.57 a barrel. April Brent crude lost $1.20, or 2.2%, to end at $53.27 a barrel.

Slack Technologies Inc. (WORK) are up over 15% in Monday trading after a report indicated that International Business Machines Corp. (IBM) would be deploying access to the workplace-communications service to its more than 350,000 employees. That would make IBM Slack’s largest customer, according to the report.

Burger King and Popeyes parent Restaurant Brands International Inc. (QSR) reported fourth-quarter earnings that beat expectations, helped by “transformational” growth at Popeyes, which was boosted by the Chicken Sandwich. Net income was $165 million, or 54 cents a share, after $163 million, or 64 cents a share, in the year-ago period. Revenue increased 6.8% to $1.48 billion.