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| - Wall Street stocks bounced early Wednesday, boosted by a strong earnings report from IBM while Tesla surged above $100 billion in market capitalization. The early gains came after stocks had pulled back on Tuesday from record levels amid worries over the coronavirus outbreak. Officials in Wuhan, China, which has been at the center of the outbreak, canceled major Lunar New Year events in light of public health concerns. About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,289.81, up 0.3 percent. The broad-based S&P 500 gained 0.4 percent to 3,333.74, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 9,423.58. IBM led the Dow, rising 4.5 percent after topping fourth-quarter earnings expectations. Chief Executive Ginni Rometty said the result "positions us for sustained revenue growth in 2020" led by the company's cloud computing businesses. Among other companies reporting results, Johnson & Johnson lost 1.6 percent, Netflix dropped 3.1 percent and United Airlines climbed 0.8 percent. Tesla jumped 4.0 percent, lifting the electric car maker's market capitalization above $100 billion, triggering a payout plan that could be worth billions for Elon Musk. jmb/dg
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