Tuesday's early afternoon trade: Wall Street rebounds in volatile trade after steep drops

US stocks rebounded in volatile midday trading on Tuesday, following the biggest one-day declines for the S&P 500 and the Dow in more than six years. Stocks swung up and down after indexes started the session 2 percent lower, underscoring a return of volatility to a market that until recently had been known for the absence of such major shifts.
The sharp declines in recent days marked a pullback long-awaited by investors after the market minted record high after record high in a relatively calm ascent.
"The choppiness this morning is trying to figure out where we should be," Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee, said. "Some of what we saw yesterday suggests we are near at least a short-term low. Then the question is what the rallies look like after that."
The Dow Jones Industrial Average rose 247.76 points, or 1.02 percent, to 24,593.51, the S&P 500 gained 18.35 points, or 0.69 percent, to 2,667.29 and the Nasdaq Composite added 70.80 points, or 1.02 percent, to 7,038.33.
US Securities and Exchange Commission Chairman Jay Clayton said he "can't really say" what caused the dramatic drop in stock prices during recent trading sessions, but that all signs indicate financial markets are functioning normally.