Market jitters calmed; stocks end up

The stock market reclaimed some losses from its biggest dive this year and returned Wednesday to its pattern of steady gains and stable trading. Reassuring reports on productivity and hiring overshadowed worries about the Greek debt crisis.

Stock indexes made solid gains by midmorning after the government said oil refineries are operating at a faster clip than economists had expected.

The Dow Jones industrial average closed up 78.18 points, or 0.61 percent, at 12,837.33. The Standard & Poor's 500 index gained 0.69 percent to close at 1,352.63. The Nasdaq composite index added 0.87 percent to close at 2,935.69.

The Dow dived 203 points on Tuesday, the biggest hitch in a strong rally for stocks this year. Many market-watchers believe that stocks had risen too quickly and were due for a setback. Before Tuesday, the Dow was up more than 6 percent for 2012.

"You wouldn't expect to get it all back in one day," said Jerry Webman, chief economist at OppenheimerFunds Inc.

The average has gained more than 20 percent since last Oct. 3, and the rally has proved resilient. Tuesday was the eighth time during that stretch that the Dow fell more than 200 points. Each previous time, it made up most or all of its losses within days. -- AP