Here's what happened to the stock market on Wednesday

Traders work on the floor of the New York Stock Exchange (NYSE) on March 17, 2020 in New York City.
Spencer Platt | Getty Images

Dow Jones Industrial Average falls 170 points

The Dow dipped by 170.37 points, or 0.7%, to close at 26,119.61. The S&P 500 slipped 0.4% to 3,113.49. The Nasdaq Composite advanced 0.2% to 9,910.53. Tech shares led the Nasdaq to its fourth straight day of gains.

Coronavirus concerns linger

Reuters reported that Beijing canceled several domestic flights to curb the spread of the coronavirus. The report came after news Tuesday that China's capital city would shut down all its schools amid a resurgence in cases. In the U.S., more than 2.1 million cases have been confirmed, with states such as Arizona and Texas reporting spikes. 

Amazon rises, reopening trade struggles

Amazon rose 1%, Netflix advanced 2.7% and Alphabet climbed 0.4%. The so-called reopening trade — featuring stocks such as airlines and retailers — struggled on Wednesday. United Airlines slid 2.4% while Nordstrom dropped 5.5%.

What happens next?

Weekly jobless claims data are on deck for Thursday.

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