Dow Jones closes lower, wipes out earlier gains

The main US stock indices fell on Wednesday, except Nasdaq, to give on the strong gains reached earlier, as the lingering coronavirus concerns weighed down on tech gains.

The coronavirus infections continued to spread in more countries such as Greece, Switzerland, Austria, Italy, Kuwait and Bahrain, alongside China, Japan and South Korea.

Additionally, multiple countries reported deaths from the deadly virus, and the World Health Organization stressed that the health crisis remains a serious concern, and urged for more effort before it get out of control.

The Donald Trump administration had requested $2.5 billion for emergency funding from the US congress to counter the impact of the coronavirus.

Data showed today that the US new home sales reading rose by 7.9% to 764 thousand units in January, which the highest reading since July 2007.

To the oil market, WTI crude lost 2.3% to close at $48.73 a barrel, after it hit a day high of $50.4 and a low of $48.9.

Brent shed 2.8% to $53.43 a barrel, with a high of $55.4 and a low of $53.6.

As for stocks, Dow Jones fell 0.5% or 123 points to settle at 26,957, and hit an intraday high 27,542 and a low 26,890.

S&P 500 lost 0.4% or 12 points to close at 3,116 with a high of 3,182 and a low of 3,108.

While Nasdaq added 0.2% or 15 points to 8,980 points, with a high of 9,148 and a low of 8,927 points.