Traders work on the floor of the New York Stock Exchange on Mar. 23, 2018 in New York City.
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Dow Jones Industrial Average falls 26 points
The Dow fell 26.18 points, or 0.09% to end the day at 29,160.09. The S&P 500 climbed 0.11% to 3,325.54. The Nasdaq Composite advanced 0.20% to 9,402.48. Stocks closed well off their session lows as worries over the deadly coronavirus eased.
WHO: Too early to declare health emergency
The World Health Organization addressed the coronavirus outbreak saying it was a “bit too early to consider this event is a public health emergency of international concern.” The major averages traded well off their lows on the back of that statement. However, the major averages failed to post substantial gains as the corporate earnings season continued. NBCUniversal-parent Comcast and Travelers posted better-than-expected results, but their stocks closed lower. Further confirmation that the coronavirus situation is not as critical as feared will keep stocks near record levels.
American Airlines and United Airlines rise
Shares of American and United airlines gained 5.42% and 1.85%, respectively, on the back of the WHO’s comments regarding the coronavirus. Biotechnology companies Gilead Sciences and Inovio Pharmaceuticals also gained 0.80% and 11.63%, respectively.
What happens next?
American Express is scheduled to report earnings on Friday morning. IHS Markit is also scheduled to release data on the U.S. manufacturing and services sectors. Read more here.
Stocks closed well off their session lows as worries over the deadly coronavirus eased.