NEW YORK (AP) — The latest on developments in financial markets (all times local):
3:20 p.m.
U.S. stocks shot higher in afternoon trading as the market looks to recover from its biggest loss in 6 ½ years.
The Dow Jones industrial average rose as much as 510 points. But in an example of the bumpy ride Wall Street is on Tuesday, the index quickly gave up some gains was up 341 points at 24,687.
The broader Standard & Poor’s 500 index was up 36 points, or 1.3 percent, at 2,685. The Nasdaq composite was up 115 at 7,083.
Sharp drops on Friday and Monday erased the gains the Dow and S&P 500 made this year. The selling spread to overseas markets.
The Dow took an early dive of 567 points shortly after the opening bell Tuesday, then surged as much as 367 points in the next half an hour.
The Dow is still up 21 percent over the past 12 months, and the S&P 500 is up 15 percent.
Noon
Treasury Secretary Steven Mnuchin says the stock market has been “quite volatile” in recent days, but that has not shaken his view that the underlying economy is strong.
He did keep an eye on the market’s performance during his congressional testimony Tuesday morning.
“I normally wouldn’t be looking at my iPhone, but given the market moves, I am checking it,” he told lawmakers on the House Financial Services Committee. “It is now up 187 points so we are back up today.”
Mnuchin said that he was not “overly concerned about the market volatility. I think the fundamentals are quite strong.”
Mnuchin said he had checked with market participants earlier Tuesday and had been assured that markets had functioned well with no systemic issues during the big market declines on Monday.
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11:45 a.m.
U.S. stocks went on another bumpy ride on Wall Street, dropping sharply in early trading before recovering their losses by lunch time.
The Dow Jones industrial average took an early dive of 567 points shortly after the opening bell Tuesday, then surged as much as 367 points in the next half an hour.
By midday it was up 30 points, or 0.2 percent, at 24,395.
The broader Standard & Poor’s 500 index was down 5 points, or 0.2 percent, at 2,643. The Nasdaq composite was little changed at 6,968.
Sharp drops on Friday and Monday erased the gains the Dow and S&P 500 made this year. The Dow is still up 21 percent over the past 12 months, and the S&P 500 is up 15 percent.
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10 a.m.
The Dow Jones industrial average jumped as much as 350 points in morning trading, erasing an early plunge of more than 500.
The wild swings Tuesday marked the third day of volatility in global markets.
U.S. stocks swooned Friday and Monday as investors worried that accelerating inflation and higher interest rates could derail the market’s record-setting rally.
Global markets also fell. European indexes were down about 2 percent, while Japan’s Nikkei lost 4.7 percent.
The Dow was up 141 points, or 0.6 percent, at 24,483.
The Standard & Poor’s 500 index was up 12 points, or 0.5 percent, at 2,662. The Nasdaq composite climbed 40 points, or 0.5 percent, to 7,003.
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9:35 a.m.
The Dow Jones industrial average fell as much as 500 points in early trading, bringing the index down 10 percent from the record high it reached on January 26.
The drop in early trading Tuesday marked the third straight day of steep declines. The Dow quickly recovered much of that loss.
The swoon began Friday as investors worried that accelerating inflation and higher interest rates could derail the market’s record-setting rally.
Global markets also fell. European indexes were down about 2 percent, while Japan’s Nikkei lost 4.7 percent.
The Dow recovered some of its early plunge and was down 127 points, or 0.4 percent, at 24,255.
The Standard & Poor’s 500 index was down 8 points, or 0.3 percent, at 2,639. The Nasdaq composite was down 6 points, or 0.1 percent, to 6,956.
