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The S&P 500 and Dow Jones Industrials hit all-time highs on Wednesday as investors drew comfort from a drop in the number of new cases of coronavirus infections in China.

Spanish health officials said on Wednesday there was no reason to cancel the Mobile World Congress in Barcelona over coronavirus fears, despite major companies pulling out of the event.

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector's most ambitious targets, as part of the biggest overhaul in the company's 111-year history by new chief executive Bernard Looney.

PVH Corp said on Wednesday it had temporarily closed majority of its Calvin Klein and Tommy Hilfiger stores in China due to the coronavirus outbreak.

French telecoms group Orange has also decided to pull out of the Mobile World Congress telecoms event in Barcelona due to concerns over the coronavirus, said a source close to the matter on Wednesday.

Britain's biggest telecoms group BT said on Wednesday it was pulling out of the Mobile World Congress in Barcelona because of the coronavirus outbreak.

The organizers of the Mobile World Congress (MWC) said on Wednesday they were monitoring "the fast-changing" development of the coronavirus, in a statement issued after sources said the event in Barcelona was likely to be called off.

Telecoms industry lobby GSMA will hold a virtual board meeting on Wednesday to discuss a major conference later this month which is looking increasingly threatened by fears of coronavirus, a person with knowledge of the matter said.

Vodafone , the world's second largest mobile operator, said it was pulling out of Barcelona's Mobile World Congress because of the coronavirus outbreak, joining an exodus of major European players on Wednesday.

French train maker Alstom's board will meet on Wednesday evening to decide on a possible offer for the rail business of Canada's Bombardier , a source familiar with the situation told Reuters.

Oil prices rose 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover.

T-Mobile US Inc may be limited in its ability to trim the price of its $40 billion acquisition of Sprint Corp after it overcame regulatory obstacles to completing the deal, investors and analysts said on Tuesday.

S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could be contained by April.

Lyft Inc on Tuesday forecast slower growth in the new year as ridership growth stagnated in the second half of 2019, disappointing investors and sending shares down 3.7% after hours.

Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction.