US STOCKS-Wall Street falls on virus concerns, Amazon limits losses

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* Amazon soars after reporting jump in holiday sales
* Risk aversion rises as coronavirus spreads globally
* Exxon, Chevron slide after earnings
* Indexes down: Dow 0.93%, S&P 0.65%, Nasdaq 0.38%

(Updates to open)
By Sruthi Shankar
Jan 31 (Reuters) - The S&P 500 and the Dow Jones Industrial
Average slid on Friday, hit by worries over the impact of the
coronavirus epidemic on global growth, while strong earnings
from Amazon.com checked losses on the Nasdaq.
Shares of the online retailer AMZN.O surged 9.2% after the
company trumped Wall Street's estimates for holiday-quarter
results, putting it back in the $1 trillion market
capitalization club. Gains in Amazon helped the consumer discretionary index
.SPLRCD rise 2.2%, while most other major indexes were in the
red, with energy stocks .SPNY tumbling 2.4%.
Wall Street indexes are on course to end the week on a poor
note as virus fears continue to grip financial markets, although
corporate earnings have been largely positive so far.
The World Health Organization declared the epidemic a global
emergency on Thursday after the fast-spreading virus killed more
than 200 people in China and infected thousands globally.
Disruptions in supply chains and travel curbs are expected
to weigh on China's economy, prompting economists to temper
their growth expectations for the world's second-largest
economy.
"SARS experience suggests equities, especially in Asia, will
keep falling until coronavirus infections stabilize and
cyclical sectors are most vulnerable," Citi's global equity
strategist Robert Buckland wrote in a note.
Citi, however, asked investors to "buy the dip". "Any
further drop in global equities would make forecast returns more
attractive," Buckland wrote.
Earlier, data showed the Chicago Purchasing Management index
fell to a lower-than-expected 42.9 points in January, suggesting
manufacturing activity in the Midwest contracted further.
At 10:03 a.m. ET, the Dow Jones Industrial Average .DJI
was down 0.93%, at 28,591.30. The S&P 500 .SPX fell 0.65% to
3,262.41 and the Nasdaq Composite .IXIC dropped 0.38% to
9,264.05.
Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
dropped about 3% after disappointing results. Visa Inc V.N fell 2.7% as it fell short of analysts'
estimate for first-quarter revenue and warned revenue would be
crimped by incentives it provide to banking clients in 2020.
International Business Machines Corp IBM.N gained 4.5%
after naming a new chief executive officer.
Declining issues outnumbered advancers for a 2.49-to-1 ratio
on the NYSE and a 2.80-to-1 ratio on the Nasdaq.
The S&P index recorded 29 new 52-week highs and 7 new lows,
while the Nasdaq recorded 32 new highs and 50 new lows.