Stocks rallied late in the session to end a seesaw trading session higher as bargain hunters stepped in despite economic concerns and worries about global credit markets.
"It seems like a little bit of a bounce back from Friday's Armageddon," said Mike Burnick, director of research at the Sovereign Society. "It's sort of a sector rotation play, investors are looking for the stronger sectors that are holding up like tech and healthcare. That may continue for awhile but you might not be able to hide if we get more down days like Friday."
"The best thing to do in this situation is do nothing," said Harry Clark, CEO of Clark Capital Management. "You can't panic and sell, any cash you have you should be buying here, a lot of good stocks have been hit and are unreasonably lower and are good buys."
The Dow Jones Industrial Average erased an intraday loss of as much 114 points, while the S&P 500 closed with similar gains. The Nasdaq Composite recovered from a brief midday slide to end with gains of more than 1%.