The Dow Jones Industrial Average rose 52.12 points, or 0.3 per cent, to 16398.57. Stocks veered between gains and losses all session long, with the blue-chip index trading in a 229-point range.

Small-company stocks fell, with the Russell 2000 declining 4.31 points, or 0.4 per cent, to 1041.90. The small-cap index briefly entered a bear market—commonly defined as a decline of 20 per cent or more from a recent high. The Russell has lost 19.6 per cent from its record reached last June 23.

The moves follow a steep selloff in stocks last week that marked the worst start of the year on record for major U.S. indexes. Stocks have been battered early this year by many of the forces that buffeted financial markets during the final months of 2015, including deepening concerns over China’s growth pace and volatility in its financial markets, as well as the persistent slide in oil prices.

“If you bought the dip in the last month, you’re hurting,” said Tom Carter, managing director at JonesTrading, who added that the start of the fourth-quarter earnings season could lend more clarity on the future direction of stocks. “In two or three weeks, we will be determining the new equilibrium, but not now,” he said.

The S&P 500 gained 1.64 points, or 0.1 per cent, to 1923.67. The Nasdaq Composite Index fell 5.64, or 0.1 per cent, to 4637.99.

The fourth-quarter earnings season unofficially kicked off after the closing bell Monday with a report from aluminum maker Alcoa, which reported lower revenue but adjusted earnings that beat expectations. Its shares fell one per cent in after-hours trading, after falling seven cents, or 0.9 per cent, to $8 during the regular session.