Dow pares loss to turn up by 100 points as choppy trade resumes on Wall Street
U.S. stocks on Wednesday opened lower but turned higher within minutes, underlining a new regime of up-down-trade likely to be the new normal in the market. Investors remain tentative about the stability of the market after a recent spate of volatility appeared to sap the unabashed zest for purchasing equities that has helped push equity prices to repeated records. The Dow Jones Industrial Average fell more than 100 points, but was most recently up 123 points, or 0.4%, at 25,036, while the S&P 500 index advanced 11 points, or 0.4%, at 2,705, while the Nasdaq Composite Index , retreated less than a point, or at 7,116. After a period of calm, volatility has become the new normal on Wall Street, with the Cboe Global Markets Inc. , which reflects options bets 30-days into the future on the S&P 500, off 5.1%, at 28.44. The index tends to fall as stocks rise and had spiked to a high around 50, well above its historical average around 20, as markets plunged on Monday. Tuesday's action was marked by wild pricing swings, with the Dow spanning 1,000 points to end the day up 567 points. Shares of Tronc Inc. soared after reports that it sold The Los Angeles Times to billionaire Patrick Soon-Shiong for around $500 million.