Big swings keep rocking Wall Street as S&P 500 veers from a nearly 2% jump to a 1% drop

NEW YORK (AP) — Jarring swings keep rocking Wall Street, and U.S. stocks erased a big morning gain to turn lower Thursday as the market remains skittish following weeks of doubts and erratic moves .

After initially soaring toward what seemed like its best day since May, with an early surge of 1.9%, the S&P 500 erased it all and dropped as much as 1.1%. It was down 0.9%, as of 1 p.m. Eastern time. The Dow Jones Industrial Average fell 290 points, or 0.6%, and the Nasdaq composite sank 1.1%.