That didn't happen Wednesday as stocks fell further late in the day.
The Dow Jones Industrial Average lost 545.91 points, or 2.1 per cent, to 25,052.83 after falling as much as 698.
Most market viewers saw last week's surge in the yield of the 10-year US Treasury bond as the catalyst for the two-day rout, an unexpectedly fast move higher that raised worries about a sudden acceleration of inflation and more aggressive Federal Reserve interest rate hikes.
"The stock market in the USA has started to take notice, and will continue to, particularly if the speed at which rates rise becomes alarming", Jeffrey Gundlach, chief executive of Doubleline Capital, told Reuters last week.
All of those factors could threaten the impressive profits Corporate America has been reporting this year.
The energy sector, pressured by a drop in oil prices, was the lead decliner, while insurers were some of the biggest losers in the financial sector a day after powerful Hurricane Michael slammed into Florida.
Declining issues outnumbered advancing ones on the NYSE by a 3.52-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favored decliners. Stock indexes in the United Kingdom, Germany and France all fall by more than 1%.
This would mark the sixth straight day of losses for the market, which has been rattled by rising interest rates, signs of a slowdown in the global economy and the U.S.
"The four per cent drop in the S&P 500 so far this week suggests that investors are starting to factor in the prospect of the USA economy slowing in response to tighter monetary policy", he wrote in a research note on Thursday.
The S&P's 11 major sectors all ended the day in the red with only the communications services sector managing a decline of less than 1 percent. It's fallen 7.5 percent in just five days.
The Dow and the S&P endured their worst daily drops since February, while the Nasdaq logged the biggest loss of the year. Some early relief over a tame report on inflation gave way to renewed selling. Stocks had come close to big drops in the last few days, but each time they recovered some of their losses. Amazon skidded 6.2 percent to $1,755.25.
The afternoon sell-off comes even though a new report showed that consumer prices rose less than expected in September. That's still sharply higher than it was about a week ago, and earlier this week the yield on the 10-year note reached its highest level since mid-2011.
Tech stocks, hit hard Wednesday, crept back into positive territory Thursday morning.
The upcoming third-quarter earnings season has been seen as a potential antidote to the unease. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.
The broad-based S&P 500 also dropped 2.1 per cent to 2,728.26, while the tech-rich Nasdaq Composite Index fell 1.3 per cent to 7,329.06. The S&P/TSX Composite Index dipped 0.81 per cent, or 125 points, to 15,391.78.
Stocks are opening modestly lower on Wall Street following volatile trading in Asia and Europe.
Thursday's losses in the US followed steep declines overseas.
Stocks had seen some support earlier in the session from US data showing a smaller-than-anticipated rise in consumer prices as it helped ease fears of increasing inflation pressures.
Earnings season is getting underway.
In only seven trading sessions this month, yields on 10-year U.S. Treasuries US10YT=RR have climbed about 18 basis points and crested over 3.20 percent, hitting their highest levels in more than seven years.
The Dow Jones Industrial Average lost 101 points, or 0.4 percent, to 25,497.
For example, a yield rise in a month of one standard deviation or less, which would be 20 basis points now, is manageable for stocks, Goldman said in a note last week.