US STOCKS-Wall St sets record closing highs as coronavirus fears subside

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* Fed Chair Jerome Powell wraps up two-day economic report
* Lyft slides after disappointing revenue outlook
* Tech stocks lead rally, chips gain
* Indexes up: Dow 0.94%, S&P 0.64%, Nasdaq 0.90%

(Updates to late afternoon, changes dateline, byline)
By Stephen Culp
NEW YORK, Feb 12 (Reuters) - Wall Street closed at record
highs on Wednesday as news that the coronavirus outbreak could
be running out of steam kept buyers in the ring.
Technology shares led the broad-based rally, which pushed
all three major U.S. stock averages to fresh highs. The S&P 500
and the Nasdaq have now set closing highs for three consecutive
sessions. The Dow reached its most recent closing record on Feb
6.
China reported its lowest number of new coronavirus cases in
two weeks, the day after Beijing's senior Chinese medical
adviser said the epidemic could be over by April. "Obviously, the market is relieved over the fact that it
appears that new cases of the coronavirus seem to be dwindling,"
said Peter Cardillo, chief market economist at Spartan Capital
Securities in New York.
The outbreak has spooked investors amid quarantines,
supply-chain disruptions and factory shutdowns, and the World
Health Organization (WHO) warned that the apparent slowdown in
the epidemic's spread should be viewed with "extreme caution."
Market participants paid heed to U.S. Federal Reserve Chair
Jerome Powell as he wrapped up his semiannual economic report
before Congress, during which he said the central bank was
closely monitoring the coronavirus and other threats.
"Chairman Powell stuck to his script, and that was also good
news for the market," Cardillo added. "(He) reassured the market
that the Fed is there, willing and ready, if need be, to
stimulate the economy."
Indeed, Powell reiterated his confidence in the
sustainability of the current U.S. economic expansion, now in
its 11th year.
The Dow Jones Industrial Average .DJI rose 274.46 points,
or 0.94%, to 29,550.8, the S&P 500 .SPX gained 21.63 points,
or 0.64%, to 3,379.38 and the Nasdaq Composite .IXIC added
87.02 points, or 0.9%, to 9,725.96.
Of the 11 major sectors in the S&P 500, all but consumer
staples .SPLRCS ended the session in the black, with energy
.SPNY , technology .SPLRCT and consumer discretionary
.SPLRCD posting the largest percentage gains.
Fourth-quarter reporting season is over the hump, with 351
companies in the S&P 500 having posted results. Of those, 70.9%
have surprised analyst expectations to the upside, according to
Refinitiv data.
Aggregate fourth-quarter earnings are now seen growing at an
annual rate of 2.4%, a turnaround from the 0.3% year-on-year
decrease forecast on Jan 1.
Lyft Inc LYFT.O lost 10.2% after the ride-hailing company
forecast slower revenue growth in 2020. Micron Technology Inc MU.O advanced 3.5% after UBS
upgraded the chipmaker's shares to "buy." The broader Philadelphia SE Semiconductor index .SOX
gained 1.4%.
Advancing issues outnumbered declining ones on the NYSE by a
1.69-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio favored advancers.
The S&P 500 posted 71 new 52-week highs and two new lows;
the Nasdaq Composite recorded 137 new highs and 50 new lows.
Volume on U.S. exchanges was 7.40 billion shares, compared
with the 7.66 billion-share average over the last 20 trading
days.