"We're not used to getting washouts like this anymore", Quincy Krosby, chief market strategist at Prudential Financial, told CNBC.
The stock market continued its massive slide Tuesday morning as the Dow Jones opened down 522.94 points, or 2.15 percent, briefly dipping into a correction phase - a 10 percent decline from the index's 52-week high - before rebounding.
Gains in industrial and consumer discretionary stocks led advances on the S&P and the Dow.
The Dow Jones industrial average closed at 24,912.77, an increase of 567 points, or 2.3 percent. At its worst on Monday, the Dow was down more than 1,500 points. The S&P 500, a broader gauge of the market than the Dow, declined more than 4 per cent. The Dow is up 23 percent over that time, the S&P 500 17 percent.
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USA stocks are attempting to rebound on Tuesday.
"What we're seeing is an attempt at stabilization in USA equity prices following a very sharp selloff", said Peter Kenny, senior market strategist at Global Markets Advisory Group in NY.
"Investors need to get ready for normal levels of volatility".
Wall Street dips but trading still volatile
And if the rate creeps above 3%, he expects global investors to buy the bonds in large numbers, pushing the yield back down. The Standard & Poor's 500 index, a broader market barometer tracked by many index funds, climbed 1.7 percent to 2,695.14.
Emerging market stocks lost 2.74%, but the iShares MSCI emerging markets exchange-traded fund jumped 3.3%.
The Dow Jones industrial average gained 567 points, or 2.3 percent, recouping almost half of the 1,175-point plunge it took the day before.
USA stocks experienced their worst fall in more than six-years on Monday in what became a Wall Street plunge as all but two stocks closing in the red.
Corrections are seen as entirely normal during bull markets, and even helpful in curbing excessive gains and allowing new investors to buy into the market at lower prices. The recent rout has wiped about $4 trillion off world equities. "I think the fundamentals are quite strong", he said. "Wage and price pressures are starting to develop and interest rates are starting to rise and the deficit finance tax cut means that the Treasury will have to borrow a lot more money and that means higher interest rates", he said. USA crude fell 2.08 percent to US$62.07 per barrel and Brent was last at $66.12, down 1.11 percent on the day.
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The Cboe Volatility Index, known as the VIX and the most widely followed barometer of expected near-term volatility for the S&P 500, also hovered between positive and negative territory, a day after it hit its highest level since 2015.
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