(Bloomberg) — U.S. equities closed at record highs on Wednesday as optimism grew that the global economy can recover from the impact of the coronavirus amid signs the spread of the illness is slowing. Crude rallied and Treasuries fell.

The S&P 500 Index gained for the third straight session, while the Dow Jones Industrial Average and Nasdaq Composite Index also hit new heights, after China’s Hubei province reported the lowest number of new virus cases this month and suspected infections on the mainland declined.

“The virus is an uncertainty, but it seems to be more of a manageable uncertainty and I think that’s the way that the market is looking at it,” said Chuck Cumello, chief executive officer of Essex Financial Services, which has about $2.8 billion

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