The Nasdaq composite index showed its first gain in nine sessions and the Dow Jones industrial average climbed out of negative territory — gaining more 200 points in the final 90 minutes of the session to finish nearly 150 points higher.

The gains at the end of a fractious sessions came ahead of a fourth-quarter report from Alcoa Inc., which marks the unofficial start of earnings season. Investors are hoping the report, which was due after the closing bell, could provide insight into the well-being of the economy.

Wednesday's session was as choppy as Tuesday's, when stocks tumbled amid concerns about the economy. Unease about the economy has caused intense market volatility since the start of the year, with stocks rising on hopes for more interest rate cuts, and plunging as investors doubt that will be enough. The market is also worried about how fallout from the mortgage and credit crisis has affected corporate earnings.

A prediction of a recession in 2008 by Wall Street's biggest investment bank at times appeared to weigh on investors. Goldman Sachs said it expects the housing slump and recent tightness in the credit markets will spread to the broader economy this year.

According to preliminary calculations, the Dow rose 146.24, or 1.16 percent, to 12,735.31.

Broader stock indicators also rebounded. The Standard & Poor's 500 index rose 18.94, or 1.36 percent, to 1,409.13, and the Nasdaq composite index, which had been down more than 1 percent during the session, finished up 34.04, or 1.39 percent, at 2,474.55.

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