Big Bounce for Wall Street

The S&P fell 14.52 points, or 1%, to 1439.18, and the tech-heavy Nasdaq continued to see the steepest declines. On Monday, the index was lower by 43.81 points, or 1.67%, at 2584.13.

Elsewhere in corporate news, Corning (GLW Quote) closed 10% higher after the company hiked its guidance for the fourth quarter. Corning now expects earnings in a range of 38 cents to 40 cents a share, compared with the average estimate of 37 cents a share. Shares added $2.14 at $23.54.

Among ratings changes, CIBC World Markets upgraded Internet search giant Yahoo! (YHOO Quote) to sector outperform from sector perform. Elsewhere, UBS raised its rating for Yamana Gold (AUY Quote) to buy from neutral. Yahoo! rose $1.32, or 5.3%, to $26.10. Yamana advanced 63 cents, or 5%, to close at $13.25.

Meanwhile, most commodities continued to slide. Crude dropped $3.45 to $91.17 a barrel, and gold lost $8.70 to finish at $799 an ounce.

"The corporate news is definitely helping, but the market is getting a lot of help from the technicals," said Peter Cardillo, chief market economist with Avalon Partners. "Oil prices are now approaching $90 a barrel, and after a major selloff we were due for this technical rebound. Hopefully good forthcoming economic news will help us stabilization. We need to see the upward momentum continue."