Markets Right Now: US stocks rally, erase big drop in Dow

NEW YORK (AP) — The latest on developments in financial markets (all times local):
4:00 p.m.
U.S. stocks are staging a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the Dow Jones Industrial Average.
The Dow rose 258 points, or 1.1 percent, adding to Wednesday’s record gain of 1,086 points. The S&P 500 added 21 points to 2,488.
Stocks slumped for most of the day as the selling that had gripped the market for most of December resumed. A