Wall Street stocks surge 2% as markets remain volatile

Wall St stocks jumped almost 2% yesterday in the latest volatile session as investors weighed the impact of a stumbling Chinese economy and global market turmoil on the Federal Reserve’s impending decision about when to raise interest rates.

US investors have weathered over two weeks of unusually wide-swinging trade that has left the S&P 500 with its worst monthly drop in three years and a loss of 8.5% from an all-time high in May.

“What we’re seeing today is not a recovery. It’s market volatility, it’s nervousness, it’s an inability to call the direction of the market,” said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Oklahoma.