Stocks traded higher in the final minutes of Thursday's session, erasing declines from earlier in the day as investors assessed the latest news round the deadly coronavirus.
The Dow Jones Industrials recovered 124.41 points to finish Thursday's session at 28,858.86. At its low of the day, the Dow had fallen as much as 244 points.
The S&P 500 regained 10.26 points at 3,283.66
The NASDAQ reattached 23.77 points to 9,298.93.
The major averages cut their losses after the World Health Organization declared a global health emergency, but at the same time, did not recommend travel to China be restricted and said the country had the situation under control.
China's National Health Commission confirmed Thursday that the death toll has hit 170, with confirmed cases of the virus surpassing 7,700. Cases have also been confirmed in places outside of China, including the U.S.
Caterpillar, a bellwether for global the global economy, was down 1.4%.
Wall Street was also under pressure after Facebook reported quarterly results that showed a sharp rise in expenses and narrowing margins. Facebook shares fell more than 6%.
Tesla enjoyed a second consecutive quarterly profit on record vehicle deliveries and vowed to produce over 500,000 units this year, sending the stock surging 11%. Microsoft beat Wall Street expectations on fourth-quarter sales and profit on the back of strong cloud revenue.
About 200 S&P 500 companies have reported quarterly earnings thus far, with 70% of them posting better-than-expected profits.
In-line data on the U.S. economy failed to quell the lingering fears around the virus and the mixed quarterly results. U.S. GDP grew by 2.1% in the fourth quarter, matching a Dow Jones estimate. However, the U.S. economy grew at its slowest annual rate in three years in 2019.
Prices for the 10-Year U.S. Treasury lost remaining strength, propelling yields back up to Wednesday's 1.59%. Treasury prices and yields move in opposite directions.
Oil prices decreased 54 cents to $52.79 U.S. a barrel.
Gold prices gained $4.70 to $1,580.70 U.S. an ounce.