Stocks closed little changed on Thursday, recovering most of their losses from earlier in the session, after the World Health Organization quelled some of the fears around the deadly coronavirus.

The S&P 500 closed 0.1% higher at 3,325.54 while the Nasdaq Composite rose 0.2% to 9,402.48, notching a record closing high. The Dow Jones Industrial Average ended the day down 26.18 points, or 0.1% at 29,160.09. The 30-stock average dropped more than 200 points earlier.

The WHO said it was a "bit too early to consider this event is a public health emergency of international concern."

American Airlines rose 5.4% on the back of that comment while United Airlines closed 1.9% higher. Gilead Sciences rose 0.8% while Inovio Pharmaceuticals surged 11.6%.

Investors had been fretting over the virus as the number of confirmed cases topped 600. The virus originated in Wuhan, China and cases have now been reported in Singapore and the U.S.

Asian shares tumbled overnight, while Chinese Treasury futures surged, as fears of an economic fallout from the virus sent investors running for cover. The Shanghai Composite dropped 2.75%, its biggest one-day loss since May 6, when it plummeted 5.6%. In Japan, the Nikkei 225 dropped 1% along with Korea's Kospi index.