(Updated with stock prices.)
NEW YORK ( TheStreet) -- The major stock averages recovered after another volatile day Monday as the market goes through what one observer calls a transition period.
The Dow Jones Industrial Average gained 76.71 points, or 0.8%, to 9789.44, while the S&P 500 added 6.69 points, or 0.7%, to 1,042.88. The Nasdaq edged up 4.09 points, or 0.2%, to 2049.20.
Stocks advanced early after a trio of positive surprises economic reports, but gave up those gains by midday only to recover with a buying spree in the final hour."We are going through a transition," says Jeffrey Kleintop, chief market strategist, LPL Financial. "In the summer we were going from pricing in the great depression to a recession, now we've been here for a month and a half as we go from pricing in a recession to a recovery," he says. "We're in this consolidation around 1050