S&P 500, Nasdaq hit record closing highs, lifted by China stimulus hopes

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NEW YORK: The S&P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy eased concerns about the economic impact of the Covid-19 coronavirus epidemic.

Stocks held gains following the release of minutes from the 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.