Here's what happened to the stock market on Thursday

Stocks close near session highs
Stocks close near session highs

Dow Jones Industrial Average rises 124 points

The Dow climbed 124.99 points, or 0.43%, to end the day at 28,859.44. The S&P 500 rose 0.31% to 3,283.66. The Nasdaq Composite closed 0.26% higher at 9,298.93. Stocks were down for much of the day as investors assessed the potential economic impact of the deadly coronavirus, but they reversed course after the World Health Organization declared the outbreak a global health emergency.

Virus fears

Chinese authorities said the death toll from the coronavirus has topped 150 with confirmed cases surpassing 8,000. This led investors to sell some of their equity holdings and buy into safe havens such as Treasurys, pushing the 10-year rate below its 3-month counterpart. This triggered a so-called yield-curve inversion, an event that has preceded recessions in the past. However, the major averages recovered after the WHO announcement, which noted that Chinese authorities had the situation under control and did not recommend restricting travel to China.

Facebook tumbles, Tesla goes ludicrous

Facebook shares tumbled 6.14% after the company's latest quarterly results showed a sharp increase in costs. Tesla, meanwhile, surged more than 10.30% after its fourth-quarter earnings topped expectations.

What happens next?

Caterpillar, Exxon Mobil and Chevron are scheduled to release earnings before the bell on Friday. Data on U.S. personal income along with consumer sentiment are also on deck. Read more here.

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