Insurance and technology shares led the market higher in a volatile day Wednesday, breaking a two-day slide. But a dim view of the economy from the Federal Reserve and jitters over looming earnings reports kept buyers in check.
The Dow Jones industrials rose 47.55, or 0.6 percent, to 7,837.11.
The Dow had fallen 3 percent over Monday and Tuesday, which analysts saw as a necessary breather following a powerful rally in March that gave the Dow its biggest four-week surge since 1933.
Market-watchers say the rally could still continue, but only if corporate earnings reports just now starting to roll out provide encouraging forecasts about where the economy is going — something that's far from certain.
"We're braced for a lousy earnings season because we haven't had a lot of guidance," said Frederic H. Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Ore., referring to company's opaque forecasts to start the year. "We're in a volatile bottoming process."
In other trading, the Standard & Poor's 500 index rose 9.61, or 1.2 percent, to 825.16, and the Nasdaq composite index rose 29.05, or 1.9 percent, to 1,590.66.
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