Dow Jones reverses 500-point loss as stocks hold flat

Dec. 10 (UPI) -- The Dow Jones Industrial Average overcame a 500-point drop Monday in another turbulent day on the stock market.

The Dow, S&P 500 and Nasdaq composite all closed up less than 1 percent on Monday after stocks started off the day with traders selling after being spooked by a flattening yield curve and a delayed Brexit vote.

Early in the day the Dow was down by up to 507 points, falling below 24,000, before ending the day up 34.31 points or 0.14 percent. The S&P 500 also erased sharp early day losses after dipping below its low from a tumultuous October before closing the day up 0.26 percent, while the Nasdaq was up 0.74 percent.

Apple stock was at the forefront of the turnaround, closing up 0.66 percent, after a selloff prompted by a Beijing court granting two preliminary injunctions against Apple subsidiaries in China forcing them to stop selling iPhones.

The announcement sent the stock tumbling 2 percent, but it rebounded after Apple said all iPhone models would remain available to Chinese customers and announced it would appeal the ruling.

Other tech stocks saw increases Monday, including Facebook which rose 3.2 percent, while Amazon, Netflix and Alphabet all rose more than 0.6 percent.

Despite the market managing to end the day without major losses, fear of a recession still looms over traders.

JPMorgan Chase chief economist Bruce Kasman wrote the market is "starting to price in a recession-like scenario" in a report published Friday and the investment banking company estimated the that the odds of a recession had increased to 36 percent at the end of September.