Think of it as a turnaround Thursday. The Dow Jones Industrial Average staged an epic intraday rally that wiped out 705 points to a wild session.
The reversal was the blue-chip index's most stunning ̵
11:30 a.m. Intraday nadir at 24,242, off 785 points, to close it off, off just 79.40 points lower, or 0.3% – since April 4, according to Dow Jones Market Data.
The embattled Nasdaq Composite Index
COMP, + 0.42%
recorded a similarly massive rebound, ending Thursday with a respectable advance, up 0.4%, after sinking as much as 2.4%, or 174 points. It's the technology-laden benchmark's widest swing from an intraday peak to trough since early April.
The stomach-churning gyrations have become more commonplace in stocks, but Thursday's move may have more questions about whether equity benchmarks have put into a bottom-of-the-day's short-dated the year-to-date gains from the S & P 500 index
and the Dow.
Early-session declines were attributed to news of the Dec. Huawei Technologies CFO Meng Wanzhou, which was the fresh sign of the intensification of tariff clashes between Beijing and Washington.
However, in the latter part of the session, with news from the Wall Street Journal offers some solace to bulls. The report indicated that the Federal Reserve was "becoming more aggressive". The Federal Open Market Committee is slated to convene at a Dec. 18-19 meeting, where it is expected to lift interest rates a fourth time in 2018.
Read: December 19, 2009 – December 19, 2009 – Economists say – even as stock gyrates
Worries that the Fed's monetary policy is hurting the economy and the market, combined with fears about the impact of worsening relations between the US and China, have been among the most significant sources of anxiety for Wall Street investors this year.
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