Analysts were skeptical the gain would last, characterizing the advance as a brief rebound in the market's eight-week selloff. Although some second-quarter reports this week have been encouraging, significant doubts remain about whether stocks still have further to fall. As a result, many investors are reluctant to make big or lasting commitments.

The Dow Jones industrials closed up 69.37, or 0.8 percent, at 8,542.48, according to preliminary calculations, after advancing as much as 250 points earlier in the day and then falling into negative territory.

Still, the gains were enough to interrupt a seven session, 900-point plunge.

Broader indicators were also higher, despite losing ground from earlier in the session. The Nasdaq composite index was up 21.99, or 1.6 percent, at 1,397.25, and the Standard & Poor's 500 index rose 5.10, or 0.6 percent, to 906.04.

The last time all three indexes closed higher was July 5, when the Dow soared 324, the Nasdaq gained 68 and the S&P advanced 35.

Today's gains, although modest, were a respite from the spate of volatility the market has been suffering for weeks now.

"You're witnessing a pitched battle between two camps," said Kevin Caron, market strategist at Ryan, Beck & Co. in Livingston, N.J. "You've got the bearish contingent concerned about accounting scandals, and you've got value investors who are looking for bargains."

In trading today, Boeing was up $2.07 at $42.94 after beating expectations by 12 cents a share.