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· Stocks closed higher on Thursday after a sharp comeback late in the session erased earlier losses stemming from concerns around the coronavirus.

The Dow Jones Industrial Average gained 124 points, or 0.4%. At its low of the day, the Dow was down 244 points. The S&P 500 ended the day up 0.3%. The Nasdaq Composite also gained 0.3%.

The major averages started paring losses with roughly one hour to go 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.

· Asian share markets were praying for a reprieve at the end of a punishing week as investors snatched at hopes the coronavirus could be contained, even as headlines spoke of more cases and deaths.

Sentiment got a timely boost when Amazon’s sales blew past all expectations and sent its stock soaring 11% after hours, adding over $100 billion in market worth.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, but was still down 4.1% on the week so far. Its 2.3% dive on Thursday had been the sharpest one-day loss in six months.

Japan’s Nikkei added 0.9%, but again was off 2.7% for the week. E-Mini futures for the S&P 500 held steady having rebounded late Thursday to end up 0.5%.