Dow dives more than 500 points as coronavirus fears spark economic slowdown worries

• The Dow erases January gains in the last day of trading.
• American Airlines and United Airlines suspend flights to China.
• The yield curves flashes a signal of recession while gold climbs.
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In the last day of January trading, the Dow erased all the gains it made for the month.

All major indices slid, with the Dow Jones Industrial Average diving 520 points, a 1.8% decline, Friday. Concern around coronavirus and its impact on global growth has roiled markets in recent weeks, and remained top of mind Friday.

Here's a look at the major indices as of midday Friday:

• The S&P 500 fell 1.22% to 3243.58.
• The Dow Jones Industrial Average fell 1.8% to 28337.89.
• The Nasdaq Composite fell 1.01% to 9205.70.

American Airlinesand United Airlines both announced they would suspend flights to China amid the outbreak. The Allied Pilots Association, a pilot union, said Thursday it was suing American Airlines to stop flights to the country. American Airlines stock fell as much as 3.5% and United Airlines 3.09% Friday.

Individual names still notched gains amid the alarm. Amazon reached $1 trillion market capitalization for its second time in history after announcing blockbuster earnings Thursday. Colgate Palmolive jumped 8.53% after beating Wall Street's revenue and organic sales estimates.

Meanwhile, part of the US Treasury yield curve inverted, with the 10-year Treasury yield falling to 1.52% versus the 3-month yield of 1.55%. An inverted yield curve is often seen as a recessionary signal. Gold, widely seen as a safe-haven asset, was on pace for its biggest gains since August.

The World Health Organization announced Thursday it would classify coronavirus as a public health emergency, but markets took solace that WHO stopped short of calling for trade or travel restrictions.