Dow Sees 2nd-Biggest Gain of the Year

Stocks are closing sharply higher, bouncing back from a drop last week, as the market's recent bout of volatility continues. The Dow Jones industrial average jumped 390 points, or 2.4%, to 16,492 today. That's the Dow's second-biggest gain this year following an even bigger surge two weeks ago. The Standard & Poor's 500 index climbed 48 points, or 2.5%, to 1,969. The Nasdaq composite rose 128 points, or 2.7%, to 4,811. Markets also rose in China and Europe.

Several companies were making big moves following deal news. Meredith jumped 9% after agreeing to be acquired by fellow Media General, and Teco Energy soared 25% after agreeing to be bought by Emera. Bond prices fell. The yield on the 10-year Treasury note rose to 2.19%. (More Dow Jones stories.)