S&P 500 surges back to record | Tesla tanks 17% | Big jobs gain in January

A plunge in Tesla stock held back gains in the Nasdaq while the other major indexes were up big.

VIEW IN BROWSER | SUBSCRIBE WED, FEB 05, 2020 EVENING BRIEF AS OF WED, FEB 05, 2020 • 04:14 ET DJIA 29290.85 +1.68% +483.22 S&P 500 3334.69 +1.13% +37.10 NASDAQ 9508.68 +0.43% +40.71   Most Active DOW NAME LAST CHG %CHG MSFT 179.90 -0.22 -0.12% AAPL 321.45 +2.60 +0.82% XOM 62.73 +2.76 +4.60% S&P 500 NAME LAST CHG %CHG F 8.31 -0.87 -9.48% BAC 34.71 +1.09 +3.24% GE 12.86 +0.28 +2.23% NASDAQ NAME LAST CHG %CHG TSLA 734.70 -152.36 -17.18% AMD 49.84 +0.39 +0.79% MSFT 179.90 -0.22 -0.12% EDITOR'S NOTE A rebounding market has made back the losses it sustained over the past two weeks amid the coronavirus outbreak. The market jumped despite an implosion in shares of Tesla.   The electric-auto maker's shares had been soaring, but at one point in Wednesday's session were down about 20%. They ended the day down  17%. The plunge came after a company executive said deliveries will be delayed because of the coronavirus, writes CNBC's Arjun Kharpal. Still, even with Wednesday's decline, Tesla remains up about 75% for the year. "The recent price action brings to mind NASDAQ c. 1999," said Barclays auto analyst Brian Johnson in a note to clients titled "Party like it's 1999″on Wednesday. "We continue to believe TSLA is fundamentally overvalued." Tesla's stock performance dampened gains for the Nasdaq, but the Dow Jones Industrial Average and the S&P 500 were up big as investors' coronavirus fears eased.   CNBC's Patti Domm writes that the market may be up on hopes the Federal Reserve might lower interest rates to cope with any adverse effects the outbreak might have on the U.S. economy. For now, China is already injecting billions into its economy. It's another take on the old, bad-news-is-good-news phenomena.   "The news is going to get worse," said Art Hogan, chief market strategist at National Securities, "but you have to juxtapose that against the stimulus response. That's what we're living through right now."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  S&P 500 hits record, erasing the coronavirus fears of the past 2 weeks Tesla shares plunge following bubble talk Coronavirus live updates: WHO says there are 'no known' treatments, ECB chief says outbreak fuels economic uncertainty GOP Sen. Mitt Romney will vote to remove Trump from office in impeachment trial Private payrolls soar in January, the best monthly gain in nearly 5 years Macy's tries to convince Wall Street America still needs department stores Stodgy utilities competing with tech stocks for hottest sector in the market right now Joe Biden says he took a 'gut punch' in Iowa, targets Sanders and Buttigieg before NH primary Nike is dressing 2020 Olympic athletes in uniforms made of recycled shoe parts There's a 70% chance of recession in the next six months, new study from MIT and State Street finds     TOP VIDEO San Francisco Fed president: Coronavirus impact on economy limited   CNBC PRO Bill Ackman just made a killing off of Starbucks. Here's what he's betting on next   SPECIAL REPORTS A Fed rate cut in 2020 is now on the table as coronavirus spreads, economist says Nike's charts are flashing a bullish signal that could forecast a 20% surge   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS