Dow turns 567-point loss to 567-point gain

Dow plunges 1175 points in worst day for stocks since 2011

Bond yields reversed after a sharp drop Monday.

Technology companies posted some of the biggest losses Wednesday. At its lowest point on Tuesday, the Dow was off 10.7 per cent from its Jan 26 record.

"What is far more likely to occur going forward is a sustained pick-up in volatility, which after a prolonged absence has made a dramatic reappearance of late and this is probably a good thing", said David Cheetham, chief market analyst at XTB. The market has done much worse in a single day before.

Also Wednesday, U.S. crude oil added 60 cents to $63.99 a barrel in electronic trading on the New York Mercantile Exchange. "The No. 1 rule of investing is not to lose money that's outside your risk profile and to have a discipline of why you're in the market and have a sell discipline in your mind", he said. Futures markets are pointing to 0.4 percent declines on both the Dow and the S&P 500. The Standard & Poor's 500 index lost 0.5 percent to 2,681.66.

The toy maker Hasbro and fashion brand Michael Kors announced their financial results before the end of the stock market session.

The S&P 500 e-minis, also derailed by growing concerns over the rise of USA government bond yields, were down 9 points, while the Nasdaq 100 e-minis were down 21.25 points.

Elsewhere in Asia on Wednesday, Hong Kong's Hang Seng climbed 2.8%, while Australia's S&P/ASX 200 rose 1.3%, and South Korea Kospi index held steady.

The yields had reached as high as 2.885 percent in overnight trading on Monday, the highest since January 2014, after stronger inflation data on Friday led investors to fear that the Federal Reserve may raise rates more times than previously expected. Energy companies, banks, and industrial firms are taking some of the worst losses.

Shaken out of many months of calm, Wall Street braced for a higher level of volatility in the days ahead, after a roughly 2 percent rebound in U.S. stocks on Tuesday followed the biggest one-day selloff in more than six years. "While investors have suffered a black-and-blue bruising, we believe that the underlying strength in the global economy combined with the Trump tax cuts will boost earnings significantly this year". That's making bonds more appealing to investors compared with stocks.

Prior to the recent bout of volatility, stocks have been unusually calm for several years.

Investors are awaiting Thursday's Bank of England meeting which should provide an update on authorities' views on the economy and timing of the next interest rate rise. Experts have been warning that that wouldn't last forever. This was its biggest one-day reversal in two years. On Tuesday it rallied another $5.57, or 15.6 percent, to $41.19.

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The Dow closed at 18,332.74 on November 8, the election day, in 2016.

While the top equities stories for second half of 2017 were stronger-than-expected corporate earnings, USA economic growth and global economy recovery, Trump continued to take credit for the market on the way up.

Though a dip had been expected for a while, USA losses seemed to spook global markets. That's less than the 10 percent seen as a correction.

Wells Fargo sank $5.91, or 9.2 percent, to $58.16. The San Francisco bank also agreed to remove four directors from its board.

Benchmark 10-year notes US10YT=RR last fell 23/32 in price to yield 2.853 percent, from 2.766 percent late on Tuesday.

In Europe, Germany's DAX was down 2.1 percent and the CAC 40 in France lost 2 percent.

Bond prices tumbled after moving sharply higher on Friday.

The dollar weakened to 108.81 Japanese yen.

The Dow traded in a near-1,000 point range throughout the session.

The downturn may have been accelerated by the widespread use of exotic, leveraged securities that lose value when market volatility spikes, as it has in recent days. Heating oil dipped 3 cents to $1.99 a gallon.

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