The Dow gained 401.35 points Thursday but had volatile swings through most of the day. Investors, The Wall Street Journal reports, are still trying to figure out what stage of suck the economy is in.

Wall Street Journal:

“Everyone is starting to change their [trading] models to figure out what stage of the recession we’re in,” said Anthony Conroy, head trader at BNY ConvergEx, a New York brokerage. “All the nervousness is breeding a lot of volatility. I’ve never seen swings like this,” including occasional triple-digit moves in the Dow in the course of a few minutes.

In the last 90 minutes of trade, the Dow soared nearly 480 points. Traders said the move was driven largely by an influx of buyers attracted by what they see as bargain-level stock prices after an historic slide in the market. But it remains unclear whether the market’s recent decline has been put to rest for good.

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