The Dow Jones Industrial Average plummeted Friday, closing down 603 points amid fears over the growing coronavirus outbreak in China.
However, stocks pared losses late in the session as the agency director, Robert Redfield, said the risk to the United States public is low.
With the bounce, the S&P 500 is back in positive territory for the year. Other markets, including in Europe and Wall Street futures, were up slightly.
European markets were broadly lower. "They're going to hit China really hard in the first quarter, but maybe it's pretty much wound up by then".
US stocks rebounded from the worst week in six months as investors speculated efforts to contain the coronavirus will minimize lasting damage to the global economy.
Virus concerns certainly have not faded, as confirmed cases and deaths continue to rise and China's Shanghai Composite plunged almost 8% after an extended holiday break, but USA investors appear intent on taking advantage of last week's market losses at least in the early going. A significant amount of pent-up selling has likely built up in the meantime.
Worries over the potential harm to businesses and trade from the virus, first reported in the central Chinese city of Wuhan, have triggered wide swings in share prices around the globe. Shares plunged in China in a catch-up move as markets there reopened after a long holiday. It was down roughly 9 percent since January 23. The declaration means the World Health Organization sees the virus as a risk to other countries that requires an global response.
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"It seems like the equity market is now coming around to the realization that maybe this is something that may linger for some time", Wells Fargo Investment Institute senior global market strategist Sameer Samana said. Apple, which relies on Chinese consumers for sales and factories for supplies, fell 3.3 per cent. Nvidia slid 3.1 per cent and other chipmakers slipped.
Inc was a rare bright spot in the market on Friday.
The fourth-quarter earnings season is about halfway done.
The company said that Amazon Prime membership exploded 50 percent since it last disclosed that figure in 2018. The S&P 500 index was down 58.14 points at 3,225.52, while the Nasdaq composite was down 148 points at 9,150.94.
On Friday, the Dow fell 2.1 percent, the S&P 500 declined 1.8 percent and the Nasdaq Composite dropped 1.6 percent.
The financial markets on the Chinese mainland did reopen after the government-extended Lunar New Year holiday, but saw sharp losses with the blue-chip Shanghai Composite index closing nearly 8% lower, a one-year low, and the yuan losing over 1% against the US dollar.
Shares of drugmaker Gilead Sciences Inc rose 3.7% in premarket trading after the company said it has provided its experimental Ebola therapy for use in a small number of patients with the coronavirus in China.