Big swings keep rocking Wall Street as S&P 500 veers from a nearly 2% jump to a 1% drop

NEW YORK (AP) — Jarring swings keep rocking Wall Street, and U.S. stocks erased a big morning gain to turn lower Thursday as the market remains skittish following weeks of doubts and erratic moves.

After initially soaring toward what seemed like its best day since May, with an early surge of 1.9%, the S&P 500 erased it all and dropped as much as 1.1%. It was down 0.9%, as of 1 p.m. Eastern time. The Dow Jones Industrial Average fell 290 points, or 0.6%, and the Nasdaq composite sank 1.1%.

The sharpest losses came again from what used to be the market’s biggest winners. Nvidia, cryptocurrencies and other areas that had soared with nearly relentless momentum, as traders feared missing out on more gains, forced the market lower. Bitcoin briefly fell below $87,000, down from nearly $125,000