New York – U.S. Stocks Close Sharply Higher

New York – Stocks closed sharply higher as investors went bargain-hunting after the market tested its 2008 lows.

Wall Street bounced back after the S&P 500 and Nasdaq fell past their lows for the year and the Dow briefly dipped below 8,000 but then closed up above 8,800, a swing of nearly 900 points in one day.

Some on the floor saw the Dow’s recovery as technically significant.

“I think 8000 is starting to appear to be a very, very strong support level,” Peter Costa, of Eckhardt & Co., told CNBC.