Stocks recover from intraday lows

Despite another fall of 0.8% in the US stock markets overnight, stocks bounced back up from intraday lows that saw the S&P 500 Index down as much as 3%, a level that would've erased this years gains. Federal Reserve Chair, Janet Yellen eased some fears as she reiterated the central bank forecast that the US economic recovery is on tracks although the Empire State index indicated that economic growth had retreated from 5 year highs. Retail sales also disappointed. Although this data was itself unremarkable, market sentiment is fragile as it looks for signs that the sell-off is overdone.