Dow, Nasdaq close out of correction as stocks extend rebound - cnbc

U.S. stocks closed more than 2 percent higher in a second straight day of recovery from a recent plunge, with sentiment helped by a rebound in oil and continued signs of strength in the U.S. economy.

The major averages ended near session highs after briefly more than halving gains in choppy trade leading into the close.

The Nasdaq Composite outperformed with gains of 2.45 percent to swing out of correction and into positive territory for 2015  - What exactly is a market correction?

The Dow Jones industrial average also emerged from correction territory, closing 369 points higher after earlier adding as much as 381 points. The index briefly traded less than 100 points higher in the hour leading into the close.

"These couple days has been the bounce," said John Canally of LPL Financial. As for the intraday dip, "I think we're just getting some people hesitant to buy much further."

"No real catalysts. Lack of bids at this point," Peter Coleman, head of trading at Convergex, said of the late afternoon fade. He noted that the Dow briefly added more than 1,000 points over the last two trading sessions and people were taking profits and covering short positions.

"This isn't a one-day event," he said, noting that it will likely take two to three weeks for stocks to recover from the recent plunge.

The S&P 500 rose out of correction with Wednesday's stellar gains of about 4 percent. As of late-morning trade, no components of the index had set new 52-week highs or lows. - Read More at cnbc

Dow, Nasdaq close out of correction