Mid-Day Recap: Equities Rebound From Sharply Lower Open

US equity markets opened sharply lower this morning following a 4.3% fall in China’s Shanghai index, but halfway through the session stocks have rallyed off the lows back into the green.

The S&P, which traded as low at 980 at the opening, is now 0.93% higher at 998, while the Dow is trading 0.98% up at 9,308, and the Nasdaq is 0.72% higher at 1,970.

Elsewhere in the world, stocks were worse off. In Europe, England’s FTSE 100 shed 0.7% and the German Dax closed 0.9% lower. In Asia, Japan's Nikkei dropped 0.8% and Hong Kong’s Hang Seng slid by 1.7%.

“Risk aversion and nervousness are the themes in global financial markets this morning,” said economist Jennifer Lee from BMO before the bell. 

In contrast to equities, crude oil rallied to more than $72 â€