Dow Jones up as much as 510 points

The Dow Jones industrial average closed up more than 560 points, or 2 percent, on Tuesday after another volatile day.

U.S. stocks shot higher in afternoon trading as the market looks to recover from its biggest loss in 6 ½ years.

The Dow Jones industrial average rose as much as 510 points earlier Tuesday afternoon. But in an example of the bumpy ride Wall Street is on Tuesday, the index quickly gave up some gains was up 341 points at 24,687.

The broader Standard & Poor’s 500 index was up 36 points, or 1.3 percent, at 2,685. The Nasdaq composite was up 115 at 7,083.

Sharp drops on Friday and Monday erased the gains the Dow and S&P 500 made this year. The selling spread to overseas markets.

The Dow took an early dive of 567 points shortly after the opening bell Tuesday, then surged as much as 367 points in the next half an hour.

The Dow is still up 21 percent over the past 12 months, and the S&P 500 is up 15 percent.