NEW YORK, Aug. 19 (UPI) -- U.S. markets regained their footing Wednesday after a 4.3 percent drop in the the Shanghai composite index in China prompted an early skid.
The Shanghai index technically entered a bear market, falling 20 percent since Aug. 4.
"I see this as long overdue ... nothing ever goes up on a straight line forever," Stephen Davies, chief executive officer of Javelin Wealth Management, told The New York Times.
U.S. markets bounced back from early losses with an 11 percent jump in American Axel and Manufacturing and an 8.8 percent gain at American International Group.
By close, the Dow Jones industrial average gained 61.67 points, 0.67 percent, to 9,279.61. The S&P 500 rose 0.71 percent, 7.04 points, to 996.71. The Nasdaq index added 12.77 points, 0.65 percent, to 1,969.24.
On the New York Stock Exchange, 1,848 stocks advanced and 1,141 declined on a volume of 4.2 billion shared traded.
The benchmark 10-year Treasury rose 15/32 to yield 3.463 percent.
The euro rose to $1.4228 from Tuesday's $1.4128. Against the yen, the dollar fell to 94.06 yen from Tuesday's 94.72 yen.
In Tokyo, the Nikkei 225 index fell 0.79 percent, 80.96 points, to 10,204.00.
In London, the FTSE 100 index added 3.89 points, 0.08 percent, to 4,689.67.
