Stocks Come Off the Mat

Numbers above 50 represent an expansion in factory activity, while those below the mark point to a contraction.

Even though the major indices bounced from session lows following the ISM data, the Dow remains lower by 553 points, or 4.3%, from its all-time closing high set last week. The index is also down by 229 points, or 1.8%, for the year.

Meanwhile, the S&P 500 has fallen 3.9% since its six-year high last week and 1.1% for the year. The Nasdaq is down 4.8% from its 2007 high, but is off only 0.5% for the year.

The erratic trading in the U.S. followed another decline in Asia and suggested that the effects of the plunge in global equities two days ago remains on the minds of investors. Tokyo's Nikkei lost 0.9%, Hong Kong's Hang Seng slid 1.6%, and China's Shanghai and Shenzhen 300 tumbled 2.8%.

Meanwhile, markets across Europe were generally weaker. Frankfurt's Xetra Dax was down 1.1% the Paris Cac 40 fell 1.1%, and London's FTSE 100 was off 0.9%.

On Wednesday, New York stocks stabilized after plunging during the prior session. The Dow gained 52.39 points, or 0.43%, to 12,268.63, but finished well below its highest level of the day.

The S&P 500 rose 7.78 points, or 0.56%, to 1406.82, and the Nasdaq was up 8.27 points, or 0.34%, to 2416.13.