Volatility in US equities showed no signs of abating on Thursday, as investors rode a rollercoaster following an epic rally the day before.

The S&P 500 closed up 0.9% after losing 2.8% earlier in the day. The Nasdaq finished in the green after being down more than 3%.

Earlier in the day, headlines of waning US consumer confidence, weak Chinese industrial profits as well as continued anxiety prompted by a partial US government shutdown all dominated the news cycle.

The volatile trading followed a down day for European stocks and a mixed performance in Asia.

In a word of warning for investors looking for signs that the comeback today and the rally on Wednesday indicated the market had found a bottom, Bloomberg noted that every comparable swing in the markets since 1990 happened during the 2008-2009 bear market.