Stocks See Whipsaw Action, But Edge Higher To End the Week

After opening 100 points lower, the Dow and other major indices rallied solidly into positive territory and closed the day near the highs. Illustrating today's volatility, the much-followed Dow 30 saw an intra-day range of nearly 300 points.

The Dow closed up 125 points to 10,193, after falling below the key 10,000 level earlier. The S&P 500 S&P closed up 16 points to 1088, after breaking below the 'Flash Crash' low of 1,065.79 earlier. The Nasdaq closed up 25 points to 2,229, after trading as low as 2,166 earlier.

Despite passage of the most sweeping financial overhaul since the Great Depression in the Senate, financial stocks are higher across the board today. The 3.6% move higher in the Financial Select Sector SPDR (NYSE: XLF) indicates today's broad-strength in the sector.

Market bulls are hoping the 12% correction off the April highs presents a great buying opportunity, while bears feel that, with the crisis in Europe just developing, a double dip recession is in the cards.

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