US stocks rally, erase big drop in Dow

SHARE US stocks rally, erase big drop in Dow
AP18361562310798_e1545946418235.jpg

U.S. stocks staged a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the Dow Jones Industrial Average. | AP Photo

NEW YORK — U.S. stocks staged a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the Dow Jones Industrial Average.

The Dow rose 258 points, or 1.1 percent, adding to Wednesday’s record gain of 1,086 points. The S&P 500 added 21 points to 2,488.

Stocks slumped for most of the day as the selling that had gripped the market for most of December resumed. At its lowest, the Dow was down 611 points and the S&P off by 70.

Even with the rally, the indexes remain sharply lower for December and down for the full year with only two trading sessions remaining.

Gainers outnumbered losers in the S&P 500 by 3 to 2. In early afternoon, only 5 stocks in the benchmark index were higher.

The Latest
Unite Here Local 1, representing the workers at the Signature Room and its lounge, said in a lawsuit in October the employer failed to give 60 days notice of a closing or mass layoff, violating state law.
Uecker has been synonymous with Milwaukee baseball for over half a century.
Doctors say looking at the April 8 eclipse without approved solar glasses — which are many times darker than sunglasses — can lead to retinal burns and can result in blind spots and permanent vision loss.
Antoine Perteet, 33, targeted victims on the dating app Grindr, according to Chicago police.
Glass-facade buildings can disorient birds in flight. The city is expected to update and revise rules for new developments and rehabbed buildings next month. But bird groups say the proposed guidelines need to be mandatory.