US stocks fall flat as health authorities focus on China virus

Major U.S. stock indexes ended little changed Wednesday after an early rebound rally faded in the final minutes of trading.

The S&P 500 and Nasdaq composite eked out tiny gains, while the Dow Jones Industrial Average finished slightly lower. Gains in technology, financial and health care stocks outweighed losses in industrial, energy, real estate and other sectors.

Investors had their eye on an international effort by health authorities to monitor and contain a deadly virus outbreak in China that has spread to the U.S. and three other countries.

China and other nations ramped up screenings for fever on aircraft and at airports. The measures appeared to provide some reassurance to Wall Street a day after financial markets sold off over fears that the outbreak in the world’s second-largest economy could spread, hurting tourism and ultimately economic growth and corporate profits.

“The coronavirus fear that permeated stocks yesterday has subsided some, and you see some of those stocks that were affected negatively yesterday rebounding,” said Keith Buchanan, portfolio manager at Globalt Investments.

The S&P 500 index rose 0.96 points, or less than 0.1%, to 3,321.75. The index had been up by as much as 0.5% earlier in the day.

The Dow Jones Industrial Average reversed an early gain and fell 9.77 points, or less than 0.1%, to 29,186.27.

The Nasdaq composite gained 12.96 points, or 0.1%, to 9,383.77. The Russell 2000 index of smaller company stocks slipped 1.44 points, or 0.1%, to 1,684.46.

Bond prices fell. The 10year Treasury yield rose to 1.77% from 1.76% late Tuesday.

The coronavirus has been confirmed in five countries, including China, the U.S., Thailand, Japan and South Korea. As of Wednesday, more than 500 people were confirmed infected with the virus and 17 had died from the illness, which can cause pneumonia and other severe respiratory symptoms.

A World Health Organization committee was scheduled to meet for a second day Thursday as it decides whether to declare the outbreak a global health emergency.

IBM was among the big gainers in the technology sector Wednesday after the company reported surprisingly strong results for the fourth quarter and issued a solid profit forecast for 2020. The stock climbed 3.4%.