US Stocks Ended In Black Yesterday After A Sharp Recovery In The Dow

US stocks closed mostly up yesterday after a volatile session that saw the Dow Jones Industrial Average plunging below the 10,000 mark for the first time since February. The blue-chip average rebounded from nearly a 300-point decline, helped by the materials, financial and consumer sectors. Markets at large were consumed by a series of problems including tension in Korea, concerns surrounding a Spanish bank and a rise in inter-bank lending rate. The Dow industrial average went as low as 9,774.48 yesterday, but later recovered to close lower 22.82 points, or 0.2%, at 10,043.75. The Nasdaq Composite also slipped 2.6 points, or 0.1%, at 2,210.95. However, the S&P 500 Index climbed 0.38 points to 1,074.03, a level reached close to the April end. Dan Alpert, a managing partner at Westwood Capital, said, "I think it's a question of pick your poison. The market was poised for a very severe correction, and whether it's Mediterranean countries or worries about German banks, you can pick your catalyst." At the Dow, gains were led by Home Depot HD, which rose 2.3% to $33.98, and Alcoa Inc AA, which climbed 1.9% to $11.30. The S&P was led by the materials sector that soared 1.6% and the financials and consumer discretionary sectors that rallied 0.8% each. "The market was very uncomfortable [with the S&P] at 1,220, with some of the assumptions being made based on a sharp V-shaped recovery," added Alpert. Read more from Benzinga's Markets.