Stocks closed higher Thursday after a furious, late-afternoon rally erased steep losses.
The market had been down most of the day as the selling that has gripped Wall Street for most of December resumed. At its lowest, the Dow Jones Industrial Average was down 611 points. Even with the rally, the major stock indexes remain sharply lower for December and down for the full year with only two trading sessions remaining.
The S&P 500 index rose 21.13 points, or 0.9 percent, to 2,488.83.