NEW YORK — U.S. stocks rebounded Wednesday, recovering a significant portion of their losses from the day earlier. Investors remain on edge after the latest market plunge, which was triggered by more signs of slowing growth in China.
The Dow Jones industrial average added 293.03 points, or 1.82 percent, to 16,351.38. That index fell more than 470 points the day before. The Standard & Poor’s 500 rose 35.01 points, or 1.8 percent, to 1,948.86, and the Nasdaq composite rose 113.87 points, or 2.5 percent, to 4,749.98.
Tax preparation company H&R Block was the biggest gainer in the S&P 500, rising $2.47, or 7.5 percent, to $35.42. The company reported a smaller-than-expected loss and announced a $3.5 billion stock buyback.
The market has been bouncing around sharply the past few weeks after signs of weakness in China and uncertainty over when the Federal Reserve will begin raising interest rates. Triple-digit moves in the Dow have been an almost daily occurrence over the past month.
“Investors should expect more volatility,” said Janney Montgomery Scott strategist Mark Luschini. “The market needs to work through this correction, and that could take weeks or maybe months.”
While China remains a dominant force in traders’ minds, investors are now turning their attentions toward the U.S.
A survey showed that U.S. businesses added jobs at a steady pace last month, with construction and manufacturing showing solid gains. The payroll processor ADP said businesses added 190,000 jobs last month, up from 177,000 in July but below a six-month high of 231,000 set in June.
Oil ended a choppy day higher after an Energy Department report showed a decline in fuel supplies, which suggests rising demand. U.S. crude rose 84 cents to close at $46.25 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose 94 cents to close at $50.50 a barrel in London.
