LATE SURGE: The Dow Jones industrial average closed with a gain of 153, erasing a 200-point deficit in the last 40 minutes of trading. Stocks jumped on reports that European officials were working on a joint effort to prop up the region's struggling banks.
BERNANKE: In testimony before Congress, Bernanke said the central bank is ready to take more steps to stimulate the economy. That could mean another round of bond purchases aimed at lowering interest rates and encouraging lending.
NOT BEAR YET: The late rally pushed the S&P index up 2.2 percent. Earlier in the day, it had been down 20 percent from its April peak. Had the index closed with a decline that size it would have met the typical definition of a bear market.