Fears mounting over the contagion risks associated with Greece's woes caused the Dow to plunge by 1,000 points and then climb back up by 600 points.

"If this market gets back to down 2% to 3% for the day...that will be one wild ride," said Jesse Litvak, a mortgage trader at Jeffries & Co. "All credit is clearly getting hit, but look at the buying that came in when stocks were down by 1000 points."

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