Trade on Wall Street was off to a strong start as positive earnings reports from big U.S. companies got investors to set aside worries about a spreading virus in China.

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General Electric, Textron and Norfolk Southern all rose Wednesday after turning in solid results. Hong Kong's Hang Seng dropped 2.8 percent after its markets reopened from Lunar New Year holidays.

The S&P 500 rose 13 points, or 0.4 percent, to 3,289. The Dow Jones Industrial Average added 171, or 0.6 percent, to 28,894, and the Nasdaq rose 51, or 0.6 percent, to 9,319. Bond prices rose. The yield on the 10-year Treasury fell to 1.63 percent.

Earlier in the day, shares advanced in most European and Asian markets after a rebound on Wall Street reversed most losses from a sell-off the day before.

Hong Kong's Hang Seng dropped 2.8 percent, to 27,174.43 after its markets reopened from Lunar New Year holidays, while other Chinese markets remained closed.

The U.S. rally last night snapped a two-day skid driven by fears that the spread of a new virus in China could snag global economic growth. China reported Wednesday that the virus has sickened more than 6,000 people in China and over a dozen other countries and killed 132 people.

Investors appeared to have placed their concerns about the virus’ potential economic impact on the back burner. China's central bank moved Wednesday to reassure them, with the official Xinhua News Agency saying it was prepared to ensure enough cash would be available throughout the financial system once markets reopen next week.